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Another IPO Debuts Today-Extended Stay America

 (Image source: tripadvisor)

The hotel chain Extended Stay America priced its IPO yesterday at $20 a share, which is expected to raise about $565 million. At the current IPO price, the hotel chain will have a market cap of $4 billion. Extended Stay America is currently owned by two hedge funds ( Centerbridge Partners and Paulson & Company) and the private equity giant The Blackstone Group L.P. (NYSE:BX).  The chain has 682 hotels in the United States and Canada with third quarter revenues of $313.7 million. Extended Stay America will start trading on the NYSE under the ticker “STAY.N”.