Extended Stay announces secondary share offering, buyback
Extended Stay America Inc. shares slipped in the extended session Thursday after the hotel chain said it plans a secondary offering of "paired shares" with its real-estate investment trust arm ESH Hospitality Inc. Extended Stay shares fell 2.3% to $14.20 after hours. The company said the offering consists of 13 million paired shares -- one of Extended Stay and one of ESH -- from existing shareholders including Centerbridge Partners LP, Paulson & Co. and Blackstone Group LP. Extended Stay and ESH will not receive proceeds from the offering, rather, they plan to buy back just under 2 million of the shares in the offering.
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