Extended Stay, based in Charlotte, North Carolina, hasn’t decided how many shares will be sold or at what price, the company said in a statement today. The offering will consist of common stock of Extended Stay America and Class B common stock of its ESH Hospitality affiliate, which will be attached and trade together, according to the statement.
The Bloomberg REIT Hotel Index has gained 21 percent with dividends this year and is hovering around a five-year high set in May amid a recovery in the real estate market. Extended Stay is owned in equal thirds by its private-equity and hedge-fund shareholders.
The company filed a registration document with the Securities and Exchange Commission, according to the statement. Deutsche Bank Securities, Goldman Sachs & Co. and JPMorgan Chase & Co. were hired as joint book-running managers for the offering.
–With assistance from Hui-yong Yu in Seattle. Editors: Jeff St.Onge, Andrew Blackman
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