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The Spartanburg, S.C.-based company filed the reorganization petition in New Yorkbankruptcyy court, Secretary and General Counsel Joseph Teichmamn writing that Extended Stay had about $7.1 billion in assetes and $7.6 billion in liabilitiesa at the end of 2008. Extendeed Stay, whose more than 680 properties are managede byHVM LLC, has 21 locations in Greatet Baltimore. The company bills itself as the largest operatorrof mid-priced extended-stay hotelss in the nation.
Teichman in a courtt filing on Monday wrote that the compan y sought protection from creditors amid a general downturn in the hospitality industry and a hit taken as fewer potential customersd needthe company’s “Since the typical Extended Stay customefr seeks a lengthy stay based on commercial the contraction of construction and new business development began to significantlyt and adversely affected Extended Stay’s revenue Teichman wrote. The company said its average revenue per room dropped about 23 percenrt in the first five months of the year compared with the same periosof 2008.
As a result, it was unable to deal with its debt burdej with cash flow and is seekinga “comprehensive restructuringb of the entire capital structure.” Extendedr Stay said it plans to run operationsz following the Chapter 11 petitiob under a lender-approved arrangement using cash collateral. Debtor-in-possession financingt won’t be needed, the company About 9,900 employees work in hotels operated byExtendede Stay.
The company is in 44 statese and hasabout 77,000
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