crossland economy studios
Extended Stay America Completes Sale of Crossland Economy Studios for $285 Million
Extended Stay America | December 11, 2015
The disposition of the 47 Crossland Economy Studios-branded hotels and six similarly positioned Extended Stay America-branded hotels completes the Company's transition to a single brand. December 11, 2015 - CHARLOTTE, N.C. - Extended Stay America, Inc. (NYSE:STAY) (the "Company") announced today that subsidiaries of the Company, including subsidiaries of ESH Hospitality, Inc. ("ESH REIT"), the Company's REIT subsidiary, completed the sale of 53 U.S. economy extended-stay hotels and Crossland Economy Studios intellectual property for $285.0 million in cash. The disposition of the 47 Crossland Economy Studios-branded hotels and six simil...
Extended Stay America Enters Agreement to Dispose of 47 Crossland Economy Studios for $285 Million
Extended Stay America | September 21, 2015
- $285 million sales price equals nearly 10x Adjusted EBITDA - - Improves portfolio quality and sharpens focus on single brand - - Special distribution expected – - Re-affirms Third Quarter and Full Year 2015 Revenue and Adjusted EBITDA Guidance Ranges - CHARLOTTE, N.C.--September 21, 2015--Extended Stay America, Inc. (NYSE:STAY) (the "Company") announced today that subsidiaries of the Company, including subsidiaries of ESH Hospitality, Inc. ("ESH REIT"), the Company's REIT subsidiary, signed a definitive agreement to dispose of 53 U.S. economy extended-stay hotels and Crossland Economy Studios intellectual property for $285 milli...
