Blackstone Group is trying to buy back a piece of Extended Stay, the 680-property hotel chain that it sold for $8bn in 2007 when prices were sky high.

Last June, saddled with $7.4bn in debt tied to the purchase after the hotel market soured, Extended Stay sought bankruptcy protection.

Now, Blackstone is joining an investor group led by Centerbridge Partners and Paulson & Co that is making a $905m bid for Extended Stay, according to people familiar with the matter.

Wall Street Journal