About Extended Stay AmericaExtended Stay America, Inc. ("ESA") is the largest integrated hotel owner/operator in North America. Its subsidiary, ESH Hospitality, Inc. ("ESH"), is the largest lodging REIT in North America by unit and room count, with over 620 hotels and approximately 68,000 rooms in the U.S. ESA manages all of ESH's hotel properties, providing over 8,000 jobs at hotel properties and corporate headquarters. Extended Stay America® is the leading brand in the mid-priced extended stay segment, with approximately twice as many rooms as its nearest competitor. Visit www.esa.com for more information.
Extended Stay America, Inc. (NYSE:STAY) (together with its subsidiary, ESH Hospitality, Inc., the "Company") today announced upgrades on ESH Hospitality, Inc.'s unsecured bond and secured credit facility ratings. Moody's ratings on ESH Hospitality, Inc.'s Senior Unsecured Notes due 2025 were upgraded to B1 from B2, the Senior Secured Term Loan was upgraded to Ba3 from B1 and the Senior Secured Revolver was also upgraded to Ba3 from B1. The Outlook remains positive. The Company's Chief Financial Officer, Jonathan Halkyard, commented, "We are pleased with the Moody's upgrades to our debt ratings. We believe these upgrades reflect the improvements made on our balance sheet over the last two years including a reduction in our outstanding debt, our strong operating performance and our commitment to continue to de-lever over the next 18 months." Forward Looking Statements This release contains forward-looking statements within the meaning of the federal securities laws. Statements related to, among other things, future financial performance, including our 2017 outlook, the expected timing, completion and effects of any proposed asset disposals, expected performance, free cash flow, debt reduction, distribution growth, asset sales, franchised new builds, owned new builds and other growth opportunities, as such, involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results or performance to differ from those projected in the forward-looking statements, possibly materially. For a description of factors that may cause the Company's actual results or performance to differ from projected results or performance implied by forward-looking statements, please review the information under the headings "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors" included in the Company's combined annual report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on February 28, 2017 and other documents of the Company on file with or furnished to the SEC. Any forward-looking statements made in this release are qualified by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by the Company will be realized or, even if substantially realized, will have the expected consequences to, or effects on, the Company, its business or operations. Except as required by law, the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. We caution you that actual results may differ materially from what is expressed, implied or forecasted by the Company's forward-looking statements.