CHARLOTTE, N.C.–October 25, 2016–Extended Stay America, Inc. (NYSE:STAY) (Extended Stay America) announced today that Jim Alderman will be appointed Executive Vice President and Chief Asset Merchant of Extended Stay America and its subsidiary, ESH Hospitality, Inc. (“ESH REIT” and together with Extended Stay America, the “Company”).
In this newly created role, Mr. Alderman will be responsible for executing the Company’s previously-announced “ESA 2.0” asset merchant strategy, including development of the Company’s next-generation product through new construction and franchise sales, and asset management of the Company’s existing real estate portfolio, including sales and acquisitions, ongoing maintenance, and future renovations. Mr. Alderman will report directly to Gerry Lopez, President and CEO, and function as a member of the Company’s executive leadership team.
Mr. Alderman served most recently as Chief Development Officer with Kimpton Hotels and Restaurants, after prior leadership positions with other industry leaders such as Wyndham Worldwide and Starwood Hotels & Resorts. He brings over 30 years of experience in commercial real estate, with a broad background in hotel and restaurant development, private equity fund investment, management contracts, franchises, public/private partnerships and investor relations.
Gerry Lopez said, “Jim’s vast experience and well documented track record of success makes him uniquely qualified to lead our future growth and development efforts. He is a terrific addition to what I believe is the best leadership team in our industry. Furthermore, hiring an executive of Jim’s caliber is a great example of the progress we have made since sharing our vision and plans for growth and value creation with the investment community last summer.”
Mr. Alderman’s appointment is effective November 7, 2016.
Forward Looking Statements This release contains forward-looking statements within the meaning of the federal securities laws. Statements related to, among other things, future financial performance, including our 2016 outlook, expected performance, free cash flow, debt reduction, distribution growth and other growth opportunities, as such, involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results or performance to differ from those projected in the forward-looking statements, possibly materially. For a description of factors that may cause the Company’s actual results or performance to differ from future results or performance implied by forward-looking statements, please review the information under the headings “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” included in the Company’s combined annual report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 23, 2016 and other documents of the Company on file with or furnished to the SEC. Any forward-looking statements made in this release are qualified by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by the Company will be realized or, even if substantially realized, will have the expected consequences to, or effects on, the Company, its business or operations. Except as required by law, the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. We caution you that actual results may differ materially from what is expressed, implied or forecasted by the Company’s forward-looking statements.
