Extended Stay America has completed terms on a deal to sell 25 hotels in Ohio, Kentucky, Indiana and Texas to an affiliate of Three Wall Capital. ESA will continue to manage the 25 properties over a 20-year contract, and Three Wall Capital will build an additional 15 ESA hotels within the next seven years.
CHARLOTTE, North Carolina, Feb. 27, 2018 -- Extended Stay America, Inc. and ESH Hospitality, Inc. (NYSE:STAY) (together, the “Company”) and Three Wall Capital, LLC today announced the completed sale of 25 Extended Stay America hotels (“ESA hotels”) by the Company to an affiliate of Three Wall Capital, LLC.
Extended Stay America, Inc. will continue to manage the 25 ESA hotels over a 20 year contract. The 25 hotels represent over 2,400 rooms and are located in Ohio, Kentucky, Indiana and Texas. In conjunction with this transaction, Three Wall Capital, LLC has signed an agreement to build 15 additional ESA hotels over a seven year period.
Extended Stay America’s Chief Executive Officer, Jonathan Halkyard, commented, “We are proud to partner with a company that shares our commitment to quality, and are thrilled to welcome Three Wall Capital into the ESA system as our first third party owners.”
Three Wall Capital Founder and Managing Member Alan Kanders commented, “The acquisition of these assets along with our commitment to growing the ESA system provides us with a fantastic opportunity to partner with one of the industry’s premier brands and the leader in the mid-priced extended stay segment.”
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