Extended Stay America Launches Initial Public Offering
October 31, 2013 5:09am
CHARLOTTE, N.C. - October 31, 2013 - Extended Stay America, Inc. (the "Company") and ESH Hospitality, Inc. (“ESH REIT”) today announced that they have commenced an initial public offering of 28,250,000 paired shares, consisting of Common Stock of Extended Stay America, Inc., and Class B Common Stock of ESH Hospitality, Inc., which are attached and trade together as a Share. The Company and ESH REIT expect to grant the underwriters a 30-day option to purchase up to an additional 4,237,500 Shares. The initial public offering price is currently expected to be between $18.00 and $21.00 per Share. The Shares have been approved for listing on the New York Stock Exchange, subject to official notice of issuance, under the symbol "STAY."
The majority of the proceeds from the offering will be used to repay certain of ESH REIT’s indebtedness.
Deutsche Bank Securities, Goldman, Sachs & Co. and J.P. Morgan will act as joint book-running managers and representatives of the underwriters for the offering. The offering of these securities is being made only by means of a prospectus. Copies of the preliminary prospectus can be obtained from:
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time that the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Tags: extended stay america,
Contact: Investors: - Extended Stay America - Kay Sharpton
Contact: Media: - ICR - Phil Denning & Jason Chudoba
Phil.Denning@icrinc.com or Jason.Chudoba@icrinc.com /
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