Blackstone, Starwood Money Staff Up in $6 Billion Purchase of Prolonged Remain

Blackstone Group Inc. and Starwood Cash Team have agreed to acquire resort owner and operator Prolonged Remain The united states Inc. for $6 billion, a bet that a unusual dazzling spot for the lodging business through Covid-19 can glow brighter as the U.S. emerges from the pandemic.

The providers on Monday delivered information of the offer, which authentic-estate executives say is the greatest sale in the hotel sector for the duration of the Covid-19 time period.

Prolonged Stay is a midprice resort chain that focuses on lodging for friends interested in keeping for weeks or longer, giving kitchen area amenities and more space than a standard resort space. During the pandemic, its rooms and suites attracted critical employees, healthcare specialists and many others who essential to journey.

That business enterprise assisted Prolonged Remain reach a 74% occupancy amount last yr, Blackstone claimed. The regular occupancy price across all U.S. resorts was 44%, in accordance to lodge info-tracking company STR.

Now, as vaccinations roll out, using the services of increases and much more People feel about traveling once again, Blackstone and Starwood feel a distinct breed of client will fill beds in Extended Stay’s properties with the economic climate bouncing back. This group includes building personnel, contractors and pros such as lawyers and consultants.

Karen J. Simmons

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