Extended Stay files for bankruptcy

The company, which owns 680 properties and manages 77,000 hotel rooms, said it had $7.1 billion in assets and $7.6 billion in liabilities, Business First of Columbus, Ohio, reported Monday.

Extended Stay Hotels is based in Spartanburg, S.C., and filed for Chapter 11 protection from its creditors in New York.

The hotel bills itself as mid-priced and frequently rents suites that include kitchens to help travelers lower the costs of long-term visits.

Court papers said the company's revenues fell 23 percent January through May compared to the first five months of 2008.

The company is seeking "comprehensive restructuring of the entire capital structure," court papers show.

The company said it would not need debtor-in possession financing, and said it would remain in business while it restructured.

The company has about 10,000 employees in 44 states.

Copyright 2009 by United Press International.