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$35-a-night hotels

Published on .

H. Wayne Huizenga and George D. Johnson, former chairman and president, respectively, of Blockbuster Entertainment Group, Fort Lauderdale, Fla., have created Extended Stay America, a hotel chain targeting business travelers. Mr. Huizenga, who will be chairman of the venture, personally invested $60 million, and the company has filed a prospectus to raise $65 million. The hotels, which will offer no restaurants, pools or conference facilities, will average $35 a night and will target guests earning less than $50,000 a year and staying less than a month. The company, which will be based in Fort Lauderdale, already operates two properties in Marietta, Ga., and Spartanburg, S.C.

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