The Lightstone Group

The Lightstone Group is a privately held real estate investment company which owns and operates a diversified portfolio of multifamily, office, industrial, hotel, and retail properties.[1][2] The company's portfolio of real estate properties spans 20 U.S. states, and includes more than 11,000 multifamily units and approximately 20 million square feet of commercial space in the office, industrial, hotel, and retail sectors.[citation needed] In 2006, the company offered a $300 million real estate investment trust, which allowed Lightstone to raise money from outside investors for the first time.[9] After the Great Recession decimated leisure and business travel, Extended Stay faced shortages in liquidity stemming from the leveraged buyout by Lightstone two years before.[9] In July 2010, an investment consortium made up of Blackstone, Paulson & Co., and Centerbridge Partners bought Extended Stay America through a bankruptcy auction for US$3.93 billion.
Privately-held companyReal estatePrivate equityPrivate creditDavid LichtensteinNew York CityNew JerseyMarylandIllinoisCaliforniaNorth CarolinaMichiganNew Yorkreal estate investment trustCrowne PlazaTownePlaceExtended Stay AmericaThe Blackstone GroupbankruptcyChapter 11Great Recessionliquidityleveraged buyoutdebtor-in-possession financingliquidationPaulson & Co.Centerbridge PartnersreorganizationThe Wall Street JournalU.S. Securities and Exchange CommissionReuters