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Extended Stay America Announces Pricing Of Initial Public Offering

Extended Stay America, Inc. (the "Company") and ESH Hospitality, Inc. (“ESH REIT”) today announced the pricing of its initial public offering of 28,250,000 paired shares at $20.00 per Share, consisting of Common Stock of Extended Stay America, Inc., and Class B Common Stock of ESH Hospitality, Inc., which are attached and trade together as a Share. The Company and ESH REIT have granted the underwriters a 30-day option to purchase up to an additional 4,237,500 Shares at the initial public offering price, less underwriting discounts and commissions. The Shares are expected to begin trading on November 13, 2013, on the New York Stock Exchange, under the symbol "STAY." The offering is expected to close on or about November 18, 2013 subject to the satisfaction of customary closing conditions.

The net proceeds of the offering are expected to be approximately $531.1 million after deducting underwriting discounts and commissions and before deducting estimated offering expenses, prior to any exercise of the underwriters’ over-allotment option. The majority of the proceeds from the offering will be used to repay certain of ESH REIT’s indebtedness.

Deutsche Bank Securities, Goldman, Sachs & Co., J.P. Morgan, Citigroup, BofA Merrill Lynch, Barclays, Morgan Stanley and Macquarie Capital are acting as joint book-running managers for the offering. Blackstone Capital Markets, Baird, Houlihan Lokey and Stifel are acting as co-managers for the offering. The offering of these securities is being made only by means of a prospectus. When available, copies of the final prospectus can be obtained from:

Deutsche Bank Securities Inc.

  Goldman, Sachs & Co.
Attention: Prospectus Group Attention: Prospectus Department
60 Wall Street 200 West Street
New York, New York 10005 New York, New York 10282
Telephone: (800) 503-4611 Telephone: (866) 471-2526

Email: prospectus.cpdg@db.com

Email: prospectus-ny@ny.email.gs.com

 
J.P. Morgan Securities LLC
Attention: Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, New York 11717
Telephone: 1-866-803-9204

A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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