Deal Details
Follow-On Offering
Summary
Baird served as co-manager on this offering.
About
Extended Stay America, Inc. (“Extended Stay” or the “Company”) (NYSE: STAY), the holding company for ESH Hospitality, Inc. (“ESH REIT”), recently completed a secondary follow-on offering of 15,000,000 shares by certain selling shareholders at a price of $17.25 per share, generating gross proceeds of approximately $258.8 million. Extended Stay will not receive any proceeds associated with the shares sold by the selling stockholders.Extended Stay is the largest integrated owner/operator of company-branded hotels in North America. Extended Stay operates in the extended stay lodging industry, and owns and operates 682 hotels comprising 76,000 rooms located in 44 states across the United States and in Canada. The Company owns and operates 632 of its hotels under the core brand, Extended Stay America, which serves the mid-price extended stay segment, and accounts for approximately half of the segment by number of rooms in the United States. In addition, Extended Stay owns and operates three Extended Stay Canada hotels and 47 hotels in the economy extended stay segment under the Crossland Economy Studios brand. Extended Stay is based in Charlotte, North Carolina.
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- Date
- November 2015
- Company
- Extended Stay America, Inc.
- Transaction
- M&A
- Sectors
- Real Estate
- Target Geography
- North America
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