Sunday, November 22,  11:51 pm

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Just two years after acquiring Extended Stay Hotels from New York private equity firm Blackstone Group LP, real estate investment firm Lightstone Group LLC on Monday placed the hotel chain into bankruptcy protection to restructure $7.4 billion in debt used to finance the 2007 buyout.

Successor company Extended Stay Inc., the largest owner of midpriced, extended-stay hotels in the U.S, and dozens of affiliates, filed Chapter 11 petitions with the U.S. Bankruptcy Court for the Southern District of New York in Manhattan. The company had consolidated assets totalling $7.1 billion and liabilities of about $7.6 billion as of Dec. 31, 2008.

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