The Lightstone-backed hospitality chain is in discussions to turn over the company to its lenders, according to a report. New Jersey-based private real estate company Lightstone acquired Extended Stay from Blackstone last year for $8bn.
Naresh Naik, former head of asset management for Lehman Brothers in India, joins the private equity real estate unit of Morgan Stanley as an executive director and head of asset management in its Mumbai office.
The German government and financial institutions have agreed to a second financial rescue package for German real estate lender Hypo Real Estate. It follows on the breakdown over the weekend of the initial €35 billion bailout scheme.
The US Senate has approved the $700bn financial bail-out plan allowing the US Treasury to buy distressed assets in the form of securities backed by home mortgages. The US House of Representatives is expected to vote on the bill Friday.