Monday, June 15, 2009

Extended Stay Files

Extended Stay was destined for failure as we noted on numerous occasions, but in detail back in December. They defaulted earlier this month on the big CMBS loan, and the mezz lenders (BOA and Wells Fargo) and holders started a court battle last week.

Today's big news is that they finally filed for bankruptcy - they should of done this the day after they originally closed the deal.

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