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Private investment firm Lindsay Goldberg buys Affordable Suites of America

Private investment firm Lindsay Goldberg paid an undisclosed sum to buy Southeastern U.S. extended-stay hotel owner, operator and franchiser Affordable Suites of America Inc.

Gary DeLapp will serve as CEO of Myrtle Beach, S.C.-based Affordable Suites. DeLapp previously was CEO of Lindsay Goldberg portfolio company WoodSpring Hotels Holdings.

Affordable Suites' hotel portfolio consists of 20 properties in Georgia, Indiana, North Carolina, South Carolina and Virginia.