Manhattan,New York ~ Extended Stay Hotels LLC files Chapter 11 bankruptcy. The South Carolina(Spartanburg) company's brands include Extended Stay America Efficiency Studios,Crossland Economy Studios, StudioPLUS Deluxe Studios,Homestead Studio Suites and Extended Stay Deluxe. The hotel operates over 650 hotels in the U.S and Canada mostly accommodating long-term business travellers.
The recession has hit many hotel chains hard.Its seems to be a ripple effect going
on.
Extended Stay's hotels are managed by HVM LLC, an affiliate that employs about 10,000 people at any given time to run the day-to-day operations at the hotels, court filings showed.
New Jersey-based Lightstone Group LLC bought Extended Stay from private-equity firm Blackstone Group LP in June last year, shortly before global credit markets began a tightening from which they have yet to recover.
The company have no plans to close or sell its hotels.
Extended Stay listed assets of about $7.1 billion and liabilities of about $7.6 billion as of December 2008..
I have read some recent reviews of their hotels and/or services. It seems that some visitors believe that they are cutting back on staff as well as overall maintenance of some of their hotels. I don't know if that is true, but many hotel review sites are listing complaints from their guests.
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