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Abernathy MacGregor Group represents Starwood Capital Group as it joins Blackstone Real Estate Partners to acquire Extended Stay America for $6B in cash.
Charlotte-based ESA is the leading player in the mid-priced category, with 650 hotels that operated at 74 percent capacity in 2020.
ESA “demonstrated resilience over the past year despite persistent challenges due to government lockdowns and travel restrictions,” Barry Sternlicht, Starwood CEO, said in a statement.
Starwood has more than $75B in assets under management. Travel and leisure is a key investment category for Blackstone, which helped launch ESA almost 20 years ago.
Abernathy MacGregor CEO Tom Johnson and managing director Dan Scorpio handle Starwood Capital.
Their firm is part of France-based Havas Group’s AMO network.
ICR Inc. handles communications for Enhanced Ltd, which plans to run Olympic-type competitions with athletes using performance-enhancing drugs, as it goes public in a SPAC deal valued at $1.2B via a merger with A Paradise Acquisition Corp. of Hong Kong.
C Street Advisory Group handles strategic communications duties for American Signature Inc. as the Columbus-based home furnishings retailer declares Chapter 11.
Collected Strategies handles Exact Sciences as the cancer screening leader is acquired by Abbott in a deal with an enterprise value of $23B.
Joele Frank represents Philadelphia-based Axalta Coating Systems as it agrees to merge with Amsterdam’s AkzoNobel in a deal valued in the $25B range.
Interpublic posted a 5.1 percent drop in Q3 net revenues to $2.5B as CEO Philippe Krakowsky reports the final financial results of the publicly traded company.
