(Reuters) – Extended Stay America on Tuesday said Blackstone Group and Starwood Capital Group raised their buyout bid for the hotel operator to $20.50 per paired share in cash.
Under the deal, a joint venture between funds managed by the two companies will pay Extended Stay shareholders a total of $20.50 per paired share, up from a previous offer of $19.50 per share in March.
(Reporting by Sanjana Shivdas in Bengaluru)
