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Private equity-backed Extended Stay eyes $100m IPO

23 Jul 2013

dollar 20_sqThe private equity and hedge fund owners of Extended Stay America are looking to float the hotel chain on the New York Stock Exchange less than three years after acquiring it via a bankruptcy auction.

The company, which is owned by buyout firms Blackstone and Centerbridge and hedge fund Paulson & Co, is looking to raise up to $100m via the IPO according to a document filed with US securities regulators.

Deutsche Bank, Goldman Sachs and JP Morgan are acting as underwriters for the IPO, the filing showed.

Blackstone, Centerbridge and Paulson bought Extended Stay for $3.9bn in October 2010.

Extended Stay filed for Chapter 11 in 2009, with debts of over $7bn as a result of the company’s 2007 leveraged buy-out by the Lightstone Group, and falling occupancy rates as a result of the financial crisis.

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