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Blackstone, Centerbridge, Paulson close sale of Extended Stay shares

Affiliates of Blackstone Group LP, Centerbridge Partners LP and Paulson & Co. Inc. completed the sale of 12.5 million paired shares of Extended Stay America Inc. and ESH Hospitality Inc. for $16.41 per share.

The sale closed Dec. 16, with the Blackstone, Centerbridge Partners and Paulson & Co. affiliates offloading the paired shares, each comprising an Extended Stay common share and an ESH Hospitality class B common share, for approximately $205.1 million in gross proceeds.

In connection with the sale, the companies entered into a 30-day lockup period starting Dec. 12, during which they may not offer, pledge, sell, contract to sell or buy, transfer or dispose of any of the paired shares or securities that are convertible into or exchangeable for paired shares. The only exception to this agreement is if Citigroup Global Markets Inc., as the underwriter for the share sale, grants prior written consent, according to a filing.

Extended Stay and ESH repurchased an aggregate of 625,000 paired shares from the sellers.

As a result of the share sale, Blackstone, Centerbridge Partners and Paulson & Co. and their affiliates have ceased to own a majority of Extended Stay shares, and Extended Stay is no longer a controlled company.