Corona Capital: Blackstone checks back into Extended Stay; Sycamore tries to dump its proposed investment in lingerie seller Victoria’s Secret. Read the latest pandemic-related financial insights:
Corona Capital is a daily column updated throughout the day by Breakingviews columnists around the world with short, sharp pandemic-related insights.Blackstone is checking back into one of its old favorites. Along with Starwood Capital, the private-equity firm has taken a stake in Extended Stay America, the Wall Street Journal reported on Tuesday.
Now, L Brands may not have had any alternative to save itself. But that might not matter. Sycamore’s case hinges on whether the seller upheld the agreement. The buyer’s argument seems as transparent as a pair of cheaply made undies: The coronavirus laid bare a brand already on the fritz, and Sycamore is trying to hot-tail it out of there. But that’s what good lawyers are for. The company behind Fortnite is aiming to capitalise on its success during the pandemic.
Doha accuses Riyadh of engaging in television piracy – a claim its larger neighbour denies. Given Saudi has blockaded Qatar since 2017 it could be a sign that relations between the two, which had seemed to be thawing, are still in the deep freeze. Given near-zero oil prices, empty soccer stadiums, and the collapse in London tourism, the question is whether spending 300 million pounds on Newcastle is a worse use of diminishing state resources than aThe fallout from Monday’s seismic drop of U.S.
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