The Firm represented certain entities affiliated with The Blackstone Group L.P. and Centerbridge Partners, L.P. in connection with a $184 million offering, consisting of 13,000,000 shares of paired common stock, each comprising one share of common stock of Extended Stay America, Inc. and one share of Class B common stock of ESH Hospitality, Inc., which are attached and trade together. Blackstone and Centerbridge sold an aggregate of 8,666,667 of the paired shares sold in the offering and an additional 1,300,000 paired shares sold to Extended Stay in a private transaction at a price per share equal to the price per share paid by the underwriter in the public offering.
Extended Stay America, Inc. (NYSE: STAY), the largest owner/operator of company-branded hotels in North America, owns and operates 629 hotels in the U.S. and Canada comprising approximately 69,400 rooms and employs over 8,500 employees at its hotel properties and headquarters. The Company’s core brand, Extended Stay America®, serves the mid-priced extended stay segment.
The Simpson Thacher team included Edgar Lewandowski, Jonathan Pacheco, Daniel Honeycutt and Natalie Karam (Capital Markets); Jonathan Karen, Steven Klar, Linda Tieh and Jordan Cross (Funds); and James Rapp (Public Company Advisory Practice).