The Firm represented certain entities affiliated with The Blackstone Group L.P. and Centerbridge Partners, L.P. in connection with a $417.5 million offering, consisting of 25,000,000 shares of paired common stock, each comprises 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 16,666,666 of the paired shares sold in the offering and an additional 416,666 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) owns and operates 629 company-branded hotels in the U.S. and Canada comprising approximately 69,400 rooms located in 44 states across the United States and in Canada. The company’s core brand, Extended Stay America®, serves the mid-priced extended stay segment.
The Simpson Thacher team included Edgar Lewandowski, Jonathan Pacheco and Natalie Karam (Capital Markets); Jonathan Karen, Steven Klar, Elizabeth Muscarella and Drew Harmon (Funds); and James Rapp (Public Company Advisory Practice).