Blackstone Group and Starwood Capital Group have acquired stakes in Extended Stay America, reported The Wall Street Journal.
The lodging company operates 632 hotels across the United States.
Starwood Capital Group recently paid $136.8 million for an 8.5 percent stake and Blackstone Group picked up a 4.9 percent stake in the chain.
For the week ending April 11, U.S. hotel occupancy was down nearly 70 percentage points from the same week in 2019, to 21 percent, and revenue per available room, or RevPAR, was down 83.6 percent to $15.61, according to STR data. As of April 16, about 848,000 hotel rooms were closed, or 16 percent of the entire U.S. total of 5.4 million rooms.
