Monday, 24 October 2016
Last updated 1 hour ago
Nov 8 2013 | 11:39am ET
The Blackstone Group has repeated its coup with hotel chain Extended Stay America.
The private-equity firm more than tripled its money when it sold the company in 2007. It's poised to nearly do so again when Extended Stay goes public next week.
Blackstone, along with Centerbridge Partners and Paulson & Co., bought Extended Stay out of bankruptcy in 2010. At its current planned offering range, the IPO would give the three firms a return of 2.7 times their $1.58 billion investment.