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Extended Stay America acquired the extended-stay hotel chain StudioPLUS on April 11, 1997. [5] The company also developed the Crossland Economy Studios brand as a budget extended-stay hotel brand. [6] The 47 unit Crossland brand was sold to Westmont Hospitality Group for $285 Million in December, 2015. [7]
During two decades of existence, Intown Suites has proved to be a very successful business, and is currently one of the fastest growing extended-stay chains. In May 2015, 50 properties were purchased by Starwood Capital Group. [2] In 1998, Intown Suites expanded from 26 to 76 properties in a $150 million investment, an alternative to going public.
Wayne Huizenga was his business partner in the creation of Extended Stay America and later was involved in the creation of a major Blockbuster franchise, which eventually included 208 stores. [6] The pair later merged with Blockbuster, where Johnson was named a company president. [6] [7]
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Extended Stay America (STAY) has reached an agreement to be acquired by a 50/50 joint venture between Blackstone and Starwood Capital Group for $6 billion.
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online-reservations.com has been visited by 100K+ users in the past month