Extended Stay America emerged in 2010 and was sold for about $6B in 2021.

Extended Stay America, a chain of about 680 hotels, filed Chapter 11 in June 2009 after the 2007 Lightstone LBO left it with over $7 billion of debt it could not service in a downturn.

It emerged on October 8, 2010 when an investor group led by Centerbridge, Paulson and Blackstone bought 100% of the company for $3.925 billion under the confirmed plan.

The new owners fixed the balance sheet, relisted the company in 2013, and total revenues grew from $943 million in 2011 to $1,133 million in 2013.

In March 2021 Blackstone and Starwood Capital agreed to acquire the company for $19.50 per share, about $6 billion, a 23.3% premium over the prior 30-day average.

Emerged Oct 8, 2010 via a $3.925B Blackstone, Centerbridge and Paulson buyout; revenues grew to $1,133M by 2013 and it went private for about $6B in 2021.

The bankruptcy removed the LBO debt while the hotel network kept operating.

Buying the whole company for $3.925B under the plan gave new owners a clean platform.

Revenue growth and relisting proved the brand's value after the balance-sheet reset.

The 2021 sale at a 23.3% premium showed the turnaround had created real equity value.

A branded hotel network can survive its owner's leverage: the 2009 bankruptcy was an LBO balance-sheet failure, not an operating one, so new owners kept hotels running and sold the platform for more.

The Blackstone–Starwood deal closed in 2021, taking Extended Stay America private about eleven years after emergence, with the brand and roughly 680 hotels intact throughout.