Extended Stay America Posts Q3 Results
Thursday December 19th, 2013 - 10:32AM XB
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CHARLOTTE, NC—Extended Stay America, Inc. reported its third-quarter results, showing RevPAR grew to $44.09, an increase of 8.9%, compared to the year-ago period, and revenue totaled $313.7 million compared to $281.4 million, an increase of 11.5%.
“This quarter we continued to build on the foundation we put in place over the past 18 months,” stated Jim Donald, CEO of Extended Stay America. “Our initiatives to drive improved cash flow and earnings have resulted in seven consecutive quarters of revenue and adjusted EBITDA growth. While the full effects of our plan have yet to be realized, the results from the renovation projects we have completed are starting to contribute meaningfully to our results.”
Extended Stay America, Inc.’s common stock and ESH Hospitality, Inc.’s Class B common stock began trading on the New York Stock Exchange on November 13. The company has raised gross proceeds of $649.8 million from the IPO.
“With the completion of our initial public offering in November, we are now the largest publicly traded integrated hotel owner and operator in North America,” stated Donald. “As we move forward, we are focused on strengthening our position as a leading brand in the lodging industry by providing our guests with great service and strong value. With our increased financial flexibility and strong operating metrics, Extended Stay is well positioned to create value for our shareholders over the long-term.”
Tags: Extended Stay America • Hospitality • Brands • Quarterly Results •
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.