Extended Stay Hotels Reportedly Files for Public Sale
Monday July 22nd, 2013 - 11:39AM HB
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CHARLOTTE, NC—Less than three years after emerging from bankruptcy, Extended Stay America Inc. has reportedly filed with regulators to raise up to $100 million in an initial public offering, according to Reuters.
The chain was sold for $3.9 billion at a bankruptcy auction in October 2010 to a joint venture that consists of Blackstone Group LP, Centerbridge Partners LP and Paulson & Co. Each party owns about a third of the company.
The offering will consist of common stock of Extended Stay America and Class B stock of ESH Hospitality, a real estate investment trust, according to the filing obtained by The New York Times. Those two securities will be attached and trade together, according to the company.
Tags: • Hospitality • Brands • Ownership •
For the past few years, the talk of The Lodging Conference in Phoenix had been focused on the economic recovery, solid industry projections and “cautious optimism.” With the word cautious no longer necessary, the economic outlook took a backseat this year to the seemingly unending parade of new lifestyle brands.