Extended Stay America filed plans for an estimated initial public offering of up to $100 million, as the lodging company turns the corner after a 2009 bankruptcy.

The lodging chain, which owns and operates 682 hotels, was purchased during a 2010 bankruptcy auction for $3.9 billion by private equity firm Blackstone Group (BX) and investment firms Centerbridge Partners and Paulson & Co. Each of the three firms owns roughly the same share of Extended Stay.

The acquisition group invested more than $400 million in the company, upgrading Extended Stay’s properties and implementing a new pricing system. It also hired Starbucks (SBUX) executive Jim Donald as Extended Stay’s new chief executive early last year.

Proceeds from the IPO will go toward paying some of the company’s $3.6 billion in debt.

The planned IPO serves as a turning point for a company that has been under several different ownership groups over the past few years, including two stints under Blackstone. In 2007, the firm sold the chain in an $8 billion deal with New York real estate investor Lightstone Group.

Several private equity firms have recently moved to take their investments public, capitalizing on a rising stock market and reporting strong profits as a result.

Blackstone, which also recently led an IPO for amusement park operator SeaWorld (SEAS), said last week its second-quarter profit was driven in part by $1.6 billion in sales of stakes in companies it owned. It also raised an addition $2.1 billion by selling real estate.

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