Simpson Thacher represented certain entities affiliated with The Blackstone Group L.P. and Centerbridge Partners, L.P. in connection with a $205.1 million offering, consisting of 12,500,000 shares of paired common stock, each comprises one share of common stock of Extended Stay America, Inc. and one share of Class B common stock of ESH Hospitality, Inc., which are attached and trade together.
Blackstone and Centerbridge sold an aggregate of 8,333,333 of the paired shares sold in the offering and an additional 416,667 paired shares sold to Extended Stay in a private transaction at a price per share equal to the price per share paid by the underwriter in the public offering.
Extended Stay America, Inc. (NYSE: STAY) owns and operates 629 company-branded hotels in the U.S. and Canada comprising approximately 69,400 rooms and employs over 8,400 employees at its hotel properties and headquarters. The company’s core brand, Extended Stay America®, serves the mid-priced extended stay segment.
The Simpson Thacher team included Edgar Lewandowski (Capital Markets – NY); Jonathan Pacheco and Daniel Honeycutt (Capital Markets – D.C.); Jonathan Karen, Steven Klar, Jordan Cross and Michael Milano (Funds); and James Rapp (Public Company Advisory Practice).
Involved fees earner: Edgar Lewandowski – Simpson Thacher & Bartlett; Jonathan Pacheco – Simpson Thacher & Bartlett; Daniel Honeycutt – Simpson Thacher & Bartlett; James Rapp – Simpson Thacher & Bartlett; Jonathan Karen – Simpson Thacher & Bartlett; Steven Klar – Simpson Thacher & Bartlett; Jordan Cross – Simpson Thacher & Bartlett; Michael Milano – Simpson Thacher & Bartlett;
Law Firms: Simpson Thacher & Bartlett;