Extended Stay America will try to raise as much as $682 million in its initial public offering, the company said Thursday.
Extended Stay will price shares at between $18 and $21 a share. The company will sell 28.3 million shares to the public and will offer underwriters up to 4.24 million additional shares. Deutsche Bank Securities, Goldman Sachs and J.P. Morgan will be the investment bankers on the IPO.
Extended Stay owners Blackstone Group, Centerbridge Partners and Paulson & Co., said in July that it would take Extended Stay public less than three years after buying the company for about $3.9 billion.
Charlotte-based Extended Stay has almost 700 North America locations totaling almost 76,000 rooms. The company doubled its net income for the first half of the year to $51.5 million, while revenue rose 15% to $550.4 million, Extended Stay said in its Securities and Exchange Commission registration.
Blackstone said in September that it would take Hilton Worldwide public in an IPO worth as much as $1.25 billion. Blackstone took Hilton private in 2007 for about $26 billion.
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