CHARLOTTE-Extended Stay America Inc. has raised the amount it plans to raise in its initial public offering to as high as $500 million.
The Charlotte, NC-based mid-priced hotelier is owned by Blackstone Group LP, Centerbridge Partners LP, and Paulson & Co. Deutsche Bank AG, Goldman Sachs Group Inc. and JPMorgan Chase & Co. will be the underwriters on the offering. Extended Stay filed for the IPO in July with a placeholder amount of $100 million, according to Bloomberg News.
The IPO is coming just three years after the ownership took Extended Stay out of bankruptcy protection. Extended Stay expects net proceeds from the IPO of about $461 million, according to a regulatory filing. The company owns and operates nearly 700 hotels in the U.S. and Canada. See story at Bloomberg News.
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