trending Market Intelligence /marketintelligence/en/news-insights/trending/yOuYl4yYAQ_PV3nJXP1O_A2 content esgSubNav
In This List

Blackstone, Centerbridge, Paulson unloading shares in Extended Stay, unit

Blog

Breaking into Europe’s Digital Infrastructure Markets: Drivers & Trends

Blog

Breaking into Europe’s Digital Infrastructure Markets: Drivers & Trends

Blog

Understanding Loss Given Default A Review of Three Approaches

Blog

Breaking into Europe’s Digital Infrastructure Markets: Drivers & Trends


Blackstone, Centerbridge, Paulson unloading shares in Extended Stay, unit

Certain affiliates of Blackstone Group LP, Centerbridge Partners LP and Paulson & Co. Inc. are selling 12.5 million paired shares of Extended Stay America Inc. and ESH Hospitality Inc.

Each paired share comprises an Extended Stay common share and an ESH Hospitality class B common share. The company will not receive any proceeds from the offering. Based on Extended Stay's Dec. 12 closing stock price of $16.82 per share, gross proceeds from the offering are expected to be about $210.3 million.

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

Citigroup will be the underwriter for the offering.

Extended Stay and ESH, meanwhile, agreed with the selling stockholders to directly repurchase 625,000 paired shares in a private, non-underwritten transaction, which it will fund with cash on hand.