Extended Stay America, the largest owner and operator of company-branded hotels in North America, announced terms for its IPO on Thursday. The Charlotte, NC-based company plans to raise $551 million by offering 28.3 million shares at a price range of $18 to $21. At the midpoint of the proposed range, Extended Stay America would command a market value of $3.9 billion.
Extended Stay America, which was founded in 1995 and booked $1.1 billion in sales for the 12 months ended June 30, 2013, plans to list on the NYSE under the symbol STAY. Deutsche Bank, Goldman Sachs and J.P. Morgan are the joint bookrunners on the deal.
