The bankruptcy of Extended Stay Hotels, the largest Chapter 11 case ever filed by a U.S. hotel owner, came to an end on Friday as the Spartanburg, S.C.-based hotel chain operator was sold to a private equity consortium in a $3.93 billion deal.
Extended Stay, which is also known as HVM LLC, filed for bankruptcy in New York in June 2009 after it sought to restructure nearly $8 billion in debt. The company operates nearly 700 midpriced hotels throughout the U.S. and Canada.
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