Huizenga Firm to Buy Studio Plus Hotels

Extended Stay America Inc. said it will buy Studio Plus Hotels Inc. for $290 million in stock, almost doubling billionaire H. Wayne Huizenga’s holdings in extended-stay hotels. The agreement values Studio Plus at $22.86 a share, based on Thursday’s closing price for Extended Stay. Lexington, Ky.-based Studio Plus shares rose $5.125 to close at $19.875 on Nasdaq. Fort Lauderdale, Fla.-based Extended Stay shares lost $1.625 to close at $17, also on Nasdaq. The purchase boosts Extended Stay’s hotels to 75 from 40. Huizenga, chairman of Extended Stay, has been an aggressive buyer recently, through Republic Industries Inc., snapping up AutoNation USA, National Car Rental System Inc. and Alamo Rent-A-Car. . . . In a separate development, Equity Residential Properties Trust, a real estate investment trust led by Chicago real estate investor Sam Zell, agreed to buy New York-based Wellsford Residential Property Trust in a deal valuing Wellsford at $1 billion. The deal would make Equity Residential the second-largest real estate investment trust in any category. . . . Also, Phoenix-based hotel real estate investment trust Starwood Lodging Corp. said it has a definitive agreement to acquire closely held HEI Hotels for $327 million.