Simpson and Dechert lead on latest Blackstone deal
US firms Simpson Thacher & Bartlett and Dechert have landed plum mandates advising on Blackstone's $8bn (£4bn) sale of hotel chain Extended Stay America.
April 25, 2007 at 10:08 PM
2 minute read
US firms Simpson Thacher & Bartlett and Dechert have landed plum mandates advising on Blackstone's $8bn (£4bn) sale of hotel chain Extended Stay America.
Simpson Thacher is advising regular client Blackstone while Dechert is representing the buyer, The Lightstone Group, on the sale, which was announced last Wednesday (17 April).
Simpson Thacher fielded a team out of its Manhattan hub, with regular Blackstone corporate adviser Brian Stadler and real estate head Greg Ressa spearheading the team.
Simpson Thacher has managed to forge close relationships with Blackstone, which it has represented since its formation in the mid-1980s. Simpson Thacher also advises arch buy-out rival Kohlberg Kravis Roberts & Co.
It is estimated that the duo comprise more than two-thirds of Simpson Thacher's private equity business.
The firm has advised on every major US deal by Blackstone for a number of years and is advising the buy-out house on its closely-watched $4bn (£2.03bn) initial public offering, which was announced last month.
Recent highlights include advising on Blackstone's $36bn (£18bn) acquisition of US office building owner Equity Office Properties Trust earlier this year.
On the Extended Stay America deal, Dechert fielded a team out of New York with corporate partner Richard Goldberg taking the lead role.
The deal comes after the Philadelphia-based firm posted record year-end figures with the firm raking in $729m (£370m) in fees, up 27% from the previous year, while partner profits were also up 27% to just shy of the $2m (£1.02m) mark.
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