Extended Stay America Announces Pricing of Secondary Offering

CHARLOTTE, N.C.--()--Extended Stay America, Inc. and ESH Hospitality, Inc. (NYSE:STAY) (together, the “Company”) today announced the pricing of a secondary offering of 21,000,000 Paired Shares, each Paired Share consisting of a share of common stock of Extended Stay America, Inc. and a share of Class B common stock of ESH Hospitality, Inc., which are attached and trade together as Paired Shares. The Paired Shares were offered by certain selling stockholders (the "Selling Stockholders") and were sold at a price of $21.75 per share. The Selling Stockholders have granted the underwriters for the offering a 30-day option to purchase up to an additional 3,150,000 Paired Shares from the Selling Stockholders.

The Company did not sell any Paired Shares in the offering and will not receive any proceeds from the offering. In addition, none of the Company’s officers or directors sold any Paired Shares beneficially owned by them in the offering.

Deutsche Bank Securities Inc., Goldman, Sachs & Co., J.P. Morgan, Citigroup, BofA Merrill Lynch and Morgan Stanley are acting as joint book-running managers for the offering. Blackstone Capital Markets, Baird, Houlihan Lokey and Stifel are acting as co-managers for the offering. The offering is being made only by means of a prospectus. When available, copies of the final prospectus may be obtained from:

  Deutsche Bank Securities Inc.   Goldman, Sachs & Co.
60 Wall Street 200 West Street
New York, New York 10005 New York, New York 10282
Telephone: (800) 503-4611 Telephone: (866) 471-2526

Email: prospectus.cpdg@db.com

Email: prospectus-ny@ny.email.gs.com

 
J.P. Morgan Securities LLC
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, New York 11717
Telephone: 1-866-803-9204

A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission. 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.

Forward-Looking Statements

Certain statements herein are “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, statements relating to goals, plans, objectives and future events. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Statements about our beliefs and expectations and statements containing the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “will,” “look forward to” and variations of such words or similar expressions are intended to identify forward-looking statements. The forward-looking statements are not historical facts, and are based upon our current expectations, beliefs, estimates and projections, and various assumptions, many of which, by their nature, are inherently uncertain and beyond our control. Our expectations, beliefs, estimates and projections are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs, estimates and projections will result or be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements. There are a number of risks, uncertainties and other important factors, many of which are beyond our control, that could cause our actual results to differ materially from the forward-looking statements contained herein, including factors disclosed under the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our combined annual report on Form 10-K for the year ended December 31, 2013 and combined quarterly report on Form 10-Q for the three months ended June 30, 2014. You should evaluate all forward-looking statements made herein in the context of these risks and uncertainties. We undertake no obligation to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances, except as required by law.

About Extended Stay America

Extended Stay America, Inc., the largest owner/operator of company-branded hotels in North America, owns and operates 682 hotels in the U.S. and Canada comprising approximately 76,000 rooms and employs approximately 10,000 employees in its hotel properties and headquarters. The Company owns and operates hotels under the core brand Extended Stay America®, which serves the mid-priced extended stay segment, and other brands.

Contacts

Investors:
Extended Stay America, Inc.
Kay Sharpton, (980) 345-1546
investorrelations@extendedstay.com

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Contacts

Investors:
Extended Stay America, Inc.
Kay Sharpton, (980) 345-1546
investorrelations@extendedstay.com