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The Spartanburg, S.C.-based company filed the reorganization petitioh in New York bankruptcy Secretary and General Counsel Joseph Teichman writingy that Extended Stay hadabout $7.1 billion in assets and $7.6 billion in liabilitiee at the end of 2008. Extendef Stay, whose more than 680 propertiea are managed byHVM LLC, has four locations in the Albuquerque/Rilo Rancho area. The company billz itself as the largest operatorof mid-priced extended-stay hotels in the Teichman in a court filingt on Monday wrote that the company sought protectiomn from creditors amid a genera l downturn in the hospitality industry and a hit takeh as fewer potential customers need the company’s “Since the typical Extended Stay customef seeks a lengthy stay based on commercial relocation, the contractionj of construction and new businessx development began to significantly and adverselgy affected Extende d Stay’s revenue Teichman wrote.
The company said its averagd revenue per room dropped about 23 percent in the firsyt five months of the year comparer with the same periodof 2008. As a it was unable to deal with its debt burde n with cash flow and is seekingta “comprehensive restructuring of the entire capitakl structure.” Extended Stay said it plans to run operations followingb the Chapter 11 petition under a lender-approved arrangemen t using cash collateral. Debtor-in-possession financing won’ty be needed, the company About 9,900 employees work in hotels operated byExtendedd Stay.
The company is in 44 statese and hasabout 77,000 There are four Extended Stay Hotels in
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