BNET -- Extended Stay files bankruptcy — Extended Stay Hotels, the Spartanburg, S.C. chain with 680 properties in 44 states, filed bankruptcy Monday. New Jersey-based Lightstone Group LLC purchased the company from Blackstone Group LP two years ago with $7.4 billion in financing – it had only $7.1 billion in assets and was $7.6 billion in debt by the end of 2008. Lightstone, a newcomer to the hotel industry, bought while real estate and deal-making was high.
