After three months of wrangling, shareholders have finally approved a deal to sell Extended Stay America and its paired-share real estate investment trust to funds managed by Blackstone Real Estate Partners and Starwood Capital for around $6 billion.
At one point it looked like the deal may collapse because of criticism over the price but an additional $1.00 per paired share, taking the total to $20.50, was enough to sweeten the deal.
The deal, which is scheduled to close on 16 June, will see Blackstone own the company for a third time.