Blackstone-Backed Extended Stay Files For $100M IPO

Law360, New York (July 22, 2013, 2:44 PM EDT) -- Hotel chain Extended Stay America Inc. made its first moves toward a $100 million initial public offering on Monday, a sign that the private equity firms that lifted it out of bankruptcy three years ago believe a rebounding stock market could deliver on their investment.

The North Carolina company filed for an IPO with two stock classes that will likely be worth substantially more than the $100 million placeholder value in its preliminary forms. Extended Stay has not sketched out how many shares it plans to...
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