Extended Stay And ESH Hospitality Secondary Offering To Raise $520.5 Million

By Ciara Linnane Markets MarketWatch Pulse

Extended Stay America Inc. and ESH Hospitality Inc. said Friday an offering of 30 million paired shares has been priced and will raise about $520.5 million. The paired shares consist of a share of common stock of Extended Stay as well as a share of Class B common stock of ESH, which are attached and trade together as a paired share. The offer is being made by selling shareholders linked to Centerbridge Partners L.P., Paulson & Co. Inc. and The Blackstone Group L.P . The company will not receive any paired shares or any of the proceeds of the offering. Shares fell 4.3% premarket, but are up 10.5% in 2017, while the S&P 500 has gained about 6%.

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