Property investment giants Starwood Capital Group and Blackstone Real Estate Partners have closed on their joint purchase of the Extended Stay America hotel chain for approximately $6 billion.
The deal includes 560 Extended Stay America-flagged hotels totaling 62,257 rooms across 40 states.
Three of the hotels are in central Connecticut, including 1 Batterson Park Road in Farmington, 340 Tolland Tpke. in Manchester and 366 Bee St. in Meriden.
While the hotel sector has been hit hard during the COVID-19 pandemic, Starwood and Blackstone told the Wall Street Journal in March that Extended Stay America — which caters to travelers who tend to stay for a week or more, including essential workers — had managed to keep its occupancy rate at 74% in 2020, well above the industry average.
Starwood Capital, based in Greenwich, recently sold Blue Back Square in West Hartford to fellow Greenwich investor Charter Realty & Development.
