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Blackstone, Starwood Capital raise offer for Extended Stay America to $20.50 per share

June 1 (Reuters) - Extended Stay America on Tuesday said Blackstone Group and Starwood Capital Group raised their buyout bid for the hotel operator to $20.50 per paired share in cash.

Under the deal, a joint venture between funds managed by the two companies will pay Extended Stay shareholders a total of $20.50 per paired share, up from a previous offer of $19.50 per share in March. (Reporting by Sanjana Shivdas in Bengaluru)

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