Blackstone Real Estate Partners and Starwood Capital Group to acquire 188bet Online Sports Betting and Casino and its matching stock REIT ESH Hospitality。

188bet Online Sports Betting and Casino announced Monday，The deal will pay approximately billion in cash，19 per share.USD 50。The joint venture will acquire the 188bet Online Sports Betting and Casino brand and its portfolio of owned hotels，By the end of 2020，This brand has a total of 563 hotels。

The Boards of Directors of 188bet Online Sports Betting and Casino and ESH Hospitality unanimously approved the transaction，The transaction is expected to close in the second quarter of 2021。

Bruce Haase, President and CEO of 188bet Online Sports Betting and Casino, said in a press release，This transaction positions the company for further growth。“We are pleased to announce transactions with Blackstone and Starwood Capital，These two most experienced investors in the hotel space have impressive track records in terms of asset value for a variety of real estate assets，We look forward to this collaboration and continued growth。The Board and senior management would like to express special thanks to the outstanding leadership team and employees，They have made the company a leader in the hospitality industry，We are confident in the company's continued success after going private。”

"Although due to government lockdown and travel restrictions，The United States has shown resilience over the past year。As restrictions ease，We are excited about the company’s growth opportunities。We believe，Through collaboration with Blackstone and the Company，Our team has the right experience，can drive the company’s continued success。" Barry Sternlicht, CEO of Starwood Capital, said in a statement，Despite the global pandemic causing demand to be at historic lows，But the 188bet Online Sports Betting and Casino hotel business continues to perform。

Tyler Henritze, head of Blackstone’s U.S. M&A business said，188bet Online Sports Betting and Casino can achieve long-term growth，“Travel and leisure is one of Blackstone’s strongest investment themes，We are confident in 188bet Online Sports Betting and Casino。We helped found this company almost 20 years ago，Believe that our expertise puts us in a unique position，And increase long-term value”

according to press release，A subsidiary of Starwood Capital owns approximately 9.4% of 188bet Online Sports Betting and Casino’s outstanding shares，This company has signed a support agreement，Agreed to vote its shares in favor of the deal。

The 16-year 188bet Online Sports Betting and Casino “entanglement” between the three parties

This is not the first time Blackstone has held 188bet Online Sports Betting and Casino:

2004，Blackstone subsidiary acquires 188bet Online Sports Betting and Casino for .1 billion;

2007，Blackstone Group sells 188bet Online Sports Betting and Casino to Lightstone Group for billion;

June 2009，188bet Online Sports Betting and Casino files for Chapter 11 bankruptcy protection。During this period，Affiliates of Blackstone and Starwood Capital race to pull the hotel out of bankruptcy;July 2010，With Centerbridge Partners、Blackstone Group and Paulson & Co.) acquired the hotel company for nearly billion。A few months later，The company went bankrupt。

2020，Both Blackstone and Starwood Capital acquired a stake in 188bet Online Sports Betting and Casino - Blackstone acquired 4.9% shares，Starwood Capital acquired 8.5% shares。

188bet Online Sports Betting and Casino Franchise History

188bet Online Sports Betting and Casino launched the brand’s official franchise strategy back in 2016;And in February 2018，With 1.Sold 25 hotels to Three Wall Capital for .4 billion，This is the first of several transactions to build its franchise business。

Recent，188bet Online Sports Betting and Casino announced the launch of a new brand in February 2021 - 188bet Online Sports Betting and Casino Premier Suites，Provide franchisees with another option to change their licenses，The first batch has 30 assets。At the press conference announcing the brand，188bet Online Sports Betting and Casino says，188bet Online Sports Betting and Casino Premier Suites will include new construction properties and fully renovated hotels – with upgraded amenities，To target higher rated extended stay customers，The project will be officially launched in the second quarter of 2021。

Meanwhile，The company stated，The remainder of the portfolio, which 188bet Online Sports Betting and Casino consist of 625 franchised and owned properties as of December 31, 2020, 188bet Online Sports Betting and Casino adopt "Suites" as part of the brand name。

“From big data，We see opportunities in market segments，A large portion of our self-held assets will be repositioned。If we can successfully differentiate existing hotels and suites based on ADR and target customer groups，It will open up a larger market space for us - it will be a market size of hundreds、Not just 10 or 30。"Haase said on the fourth quarter earnings call，188bet Online Sports Betting and Casino thinks，There is a lot of room to develop the 188bet Online Sports Betting and Casino Premier Suites brand in the extended stay hotel sector。

*Source 188bet Online Sports Betting and Casino: Maidian.com, original title: "The largest transaction amount since the epidemic: Blackstone and Starwood Capital plan to acquire American 188bet Online Sports Betting and Casino Hotels for US billion》