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Extended Stay, ESH price offering of paired shares

The underwritten secondary offering of 12.5 million paired shares in Extended Stay America Inc. and ESH Hospitality Inc. was priced and is expected to yield the sellers approximately $206.3 million in gross proceeds.

The offering is expected to close Dec. 16. Certain affiliates of Blackstone Group LP, Centerbridge Partners LP and Paulson & Co. Inc. are selling the shares, in which each paired share comprises an Extended Stay common share and an ESH Hospitality class B common share.

When the offering closes, Centerbridge Partners, Paulson & Co., Blackstone and their affiliates will no longer own a majority of the paired shares, and Extended Stay will cease to be a controlled company after the offering.

Citigroup is acting as the underwriter for the offering.