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.
Starwood Capital seeks to make another bid for Extended Stay
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