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Blackstone Real Estate Partners and Starwood Capital Group have signed a definitive agreement to acquire Extended Stay America hotel company, the companies announced Monday. Pending shareholder approval, the all-cash $6 billion transaction will take place via a 50/50 joint venture of funds managed by the two partners. According to Extended Stay America, the brand operates 630 fully owned and operated hotels across the United States, comprising 69,000 guest rooms. ESA is a midscale extended-stay brand.
The companies expect the deal to close in the second quarter, following customary closing conditions.
The resilience of the extended-stay category in the high-pressure environment of the pandemic was a motivating factor for the acquisition, said Starwood Capital Group CEO Barry Sternlicht.
Consumer Cos Up As Deal Activity, Airline Projections, Bode Well For Travel -- Consumer Roundup marketscreener.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from marketscreener.com Daily Mail and Mail on Sunday newspapers.
/PRNewswire/ Rowley Law PLLC is investigating potential securities law violations by Extended Stay America, Inc. (NASDAQ: STAY) and its board of directors.
Extended Stay America (NASDAQ:STAY) posted Q4 earnings of $31.96 million, an increase from Q3 of 43.42%. Sales dropped to $259.29 million, a 9.3% decrease .
Abernathy MacGregor Works Starwood s ESA Deal odwyerpr.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from odwyerpr.com Daily Mail and Mail on Sunday newspapers.