Selling the Prime Outlets chain of outlet centers is giving New York investor David Lichtenstein the cash to bail himself out of his worst deal ever.

Lichtenstein's, Lightstone Group, is selling Prime Outlets to Simon Property Group for $700m in cash and the assumption of $1.6bn in debt.

After fees and expenses, Lightstone expects to make about $450m, more than enough to dig out of the disastrous investment in Extended Stay Hotels, his 660-property hotel chain that was forced to file for bankruptcy protection earlier this year.

Wall Street Journal