$500M Is PE-Backed Extended Stay's New IPO Target

Law360, New York (October 8, 2013, 4:05 PM EDT) -- Private equity-backed North Carolina-based hotel chain Extended Stay America Inc. has increased its goal for an initial public offering to $500 million, far more than the $100 million placeholder amount in its original IPO filing in July, according to a regulatory filing Tuesday.

The hotel operator filed an amended IPO document with the Securities and Exchange Commission, with a maximum aggregate offering price of $500 million. Extended Stay is owned by Blackstone Group LP, Centerbridge Partners LP and Paulson & Co. Inc.

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