US: Blackstone and Starwood Capital have part funded their acquisition of Extended Stay America with a $4.65 billion loan.
JPMorgan Chase, Citi and Deutsche Bank have joined forces to originate the loan, which is one of the largest single-borrower commercial mortgage-backed securities deals since the Global Financial Crisis.
Blackstone and Starwood Capital contributed around $1.64 billion in equity towards the $6.3 billion acquisition of ESA, which has 62,257 keys across 40 US states.
The deal is expected to officially close on July 8.
