Starwood Capital Group says it’s prepared to make another bid for Extended Stay as the spurned investor seeks to derail the hotel chain’s Chapter 11 plan backed by Centerbridge Partners and others. In papers filed Monday with the US Bankruptcy Court in Manhattan, Starwood said that the Centerbridge-led group’s $3.93bn deal to acquire Extended Stay is the result of a “tainted” auction that “substantially undervalues” the company.
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Mark Fleming, First American’s chief economist, said housing market potential climbed to the highest level since January 2018.
The lowest mortgage rates have ever been was around Thanksgiving 2012 when the interest rate for a 30-year fixed-rate mortgage fell to 3.31% (according to Freddie Mac data), but rising panic over the coronavirus could drive rates to lows never seen before. HW+ Premium Content