Extended Stay Hotels Reportedly Files for Public Sale
Monday July 22nd, 2013 - 11:39AM HB
| | | | | | | | | | |
These are shortcuts to your favorite social networking and bookmark sites. Add this story to your Facebook page, del.icio.us, DiggIt, and many others!
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 •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.