Blackstone Makes Another Extended Stay Buy
May 12, 2005 - 12:00 AM ET
The Blackstone Group is on its way to becoming an even bigger player in the booming extended stay market. The New York private equity firm today acquired 16 extended stay hotels from Wichita, Kan.-based Sierra Suites.
The move comes after Blackstone last year combined earlier acquisitions Extended Stay America, Homestead Studio Suites and Wellesley Inns & Suites into Extended Stay Hotels. With 654 properties at year-end 2004, ESH overtook Marriott International--with 578 Residence Inns and TownePlace Suites--for category dominance.
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