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Blackstone Group sells Extended Stay Hotels to Lightstone Group for US$8 billion

According to CNN Money.com, "Commercial real estate group Lightstone Group is buying Extended Stay Hotels from private equity firm Blackstone Group for $8 billion in one of the biggest hotel deals in history." (April 17 2007)

After completion of the acquisition of Extended Stay Hotels (which includes the Homestead Studio Suites, StudioPLUS Deluxe Studios and Crossland Economy Studios brands), Lightstone, Group will own 683 properties with 76,000 rooms in the US.