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Extended Stay America has launched Extended Stay America Premier Suites, introducing 25 new or renovated properties across the U.S. This premium brand aims to enhance the experience for extended stay travelers, informed by guest feedback. Key features include upgraded accommodations, signature bedding, a healthy breakfast bar, and improved in-room amenities. The company will also rebrand its existing hotels to Extended Stay America Suites, marking a strategic shift to a multi-brand model. This initiative supports the company's commitment to guest satisfaction and hospitality.
Extended Stay America (ESA) and its paired-share REIT, ESH Hospitality, have completed their acquisition by Blackstone and Starwood Capital for $20.50 per paired share, totaling approximately $6 billion. The Board declared a special cash dividend of $1.75 per share paid before the merger's effective time. Shareholders receive $20.50 comprising the dividend and merger consideration. Post-transaction, the paired shares will cease trading on Nasdaq. Goldman Sachs and BofA served as financial advisors to ESA, while J.P. Morgan and others funded Blackstone and Starwood.
Extended Stay America and ESH Hospitality announced that preliminary voting results indicate a majority of shareholders support the amended merger agreement.
The acquisition, valued at $20.50 per paired share, is backed by Blackstone Real Estate Partners and Starwood Capital. The voting results are subject to certification, with final results expected to be disclosed in a Form 8-K. The closing of the transaction is anticipated on June 16, 2021.
Extended Stay America urges shareholders to vote "FOR" a transaction with Blackstone and Starwood Capital during a special meeting on June 11, 2021. The company's board emphasizes the importance of voting, warning that abstention equates to a negative vote. The proposed deal offers $20.50 per paired share, representing a 21.0% premium over pre-announcement prices and a significant valuation uplift compared to historical trading multiples. Independent analysis cautions that rejection could lead shares to drop to $15-$16, a potential 24% decline from the offer price.
Extended Stay America (STAY) and ESH Hospitality have amended their merger agreement with Blackstone and Starwood Capital, increasing the cash offer to $20.50 per paired share, representing a 21.0% premium over March 12 closing price. The boards unanimously approved the deal, urging shareholders to vote in favor during the adjourned meeting on June 11, 2021. The transaction aims to conclude on June 16, 2021, pending approval. A special dividend of $1.75 will be declared before the merger's effective time. This revised offer is positioned as the best outcome for shareholders.
Extended Stay America, Inc. (NASDAQ: STAY) urges shareholders to vote on June 8, 2021, in favor of its all-cash acquisition proposal from Blackstone and Starwood Capital at $19.50 per share. The investor presentation highlights key points for approval, including the unique extended stay business model's resilience, a 50%+ premium to pre-pandemic share prices, and a rigorous sales process. The Board emphasizes the strategic advantages of this transaction while urging shareholders to use the WHITE proxy card to ensure immediate value realization.
Extended Stay America and ESH Hospitality sent a letter to shareholders urging approval of their transaction with Blackstone and Starwood Capital at $19.50 per paired share. This represents a 51% premium over pre-pandemic prices and aims to close on June 11, 2021, pending shareholder approval on June 8, 2021. The letter counters criticisms from Tarsadia Capital, highlighting the strategic rationale, market conditions, and thorough negotiation process. The company asserts that Tarsadia has failed to provide credible value-creating alternatives, emphasizing the compelling nature of the proposed transaction.
Extended Stay America, Inc. (NASDAQ:STAY) reported Q1 2021 results with total revenues of $259.6 million, down 2.5% year-over-year. Comparable system-wide RevPAR decreased 1.7% to $43.56, influenced by a 5.7% drop in ADR, despite a 310 basis point occupancy rise to 75%. Net income increased to $12.4 million following the sale of two hotel properties. Adjusted EBITDA fell 7.0% to $90.9 million, and Adjusted FFO decreased from $55.1 million to $49.4 million. The company holds $371 million in cash and plans no quarterly dividend amid an acquisition by Blackstone and Starwood Capital.
Tarsadia Capital, a significant shareholder of Extended Stay America (STAY), has filed a preliminary proxy statement opposing the merger with Blackstone and Starwood, arguing that the merger timing and price are unfavorable. Tarsadia emphasizes the potential for superior value if the company executes its business plan, especially in light of positive market trends. The proposed sale price of $19.50 per share represents a significant discount to industry peers and the original IPO price. Furthermore, Tarsadia criticizes the Boards for inadequate strategic reviews and reliance on a flawed fairness opinion.
Extended Stay America and its paired-share REIT, ESH Hospitality, announced a definitive agreement for acquisition by a joint venture of Blackstone and Starwood Capital at $19.50 per paired share, valuing the deal at approximately $6 billion. Shareholder meetings are set for June 8, 2021, encouraging votes in favor of this transaction, which offers a 51% premium over pre-pandemic share prices. The Boards emphasized that this cash offer mitigates execution risks associated with a standalone strategic plan, suggesting that expected future value creation involves significant challenges.
