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.