Who owns Extended stay America?
Extended Stay America, Inc., headquartered in Charlotte, North Carolina, is the operator of an economy apartment hotel chain in the United States and Canada. As of December 31, 2019, the company owned and operated 557 hotel properties consisting of approximately 61,900 rooms and franchised or managed 73 hotel properties consisting of approximately 7,500 rooms. Who…
Extended Stay America, Inc., headquartered in Charlotte, North Carolina, is the operator of an economy apartment hotel chain in the United States and Canada. As of December 31, 2019, the company owned and operated 557 hotel properties consisting of approximately 61,900 rooms and franchised or managed 73 hotel properties consisting of approximately 7,500 rooms.
Who owns Extended Stay America?
Extended Stay America was instituted by George D. Johnson, Jr. and Wayne Huizenga, in 1995, in Fort Lauderdale, Florida, both former executives from Viacom and its subsidiary Blockbuster LLC. The first two Extended Stay America hotels opened in August 1995 in Spartanburg, South Carolina, and Marietta, Georgia.
As of now, Blackstone and Starwood Capital Group have agreed to acquire Extended Stay America and its paired-share real estate investment trust, ESH Hospitality, for $6 billion. A 50/50 joint venture between funds managed by Blackstone Real Estate Partners and Starwood Capital Group will acquire the 650 properties and nearly 63,000 guestrooms owned by Extended Stay America for $19.50 per paired share in an all-cash transaction.
In continuation, ESA CEO and President Bruce Haase said Blackstone and Starwood Capital have “impressive track records of building value in a wide variety of real estate assets.
