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David Lichtenstein shares his biggest career failure.
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When David Lichtenstein, CEO of The Lightstone Group, bought Extended Stay America for $8billion, he never imagined that this would be the worst deal of his career. Watch the full podcast episode over on our Jewish Grit podcast https://youtu.be/YEmRNle7_8U?si=CxoA5PmQZrb3Pdoi
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Auto-generated transcript. Not time-synced to the video.
My biggest blowup failure was I bought a
company called Extended Stay America
company.
>> Sure.
>> And I bought it for $8 billion
and it went bust in the great recession
of '08.
>> Sure.
>> At the same time that Fanny [music] went
bust and Freddy went bust. It was, you
know, I I I personally lost $500 million
on one transaction and I inherited
nothing. So it's all money I earned. But
I said, I have to get back on my feet
again.