Extended Stay America (STAY) Raises Buyback Plan by $100M

Extended Stay America, Inc. and ESH Hospitality, Inc. (NYSE: STAY) announced that the Company’s Boards of Directors authorized an increase of the combined Paired Share repurchase program from $200 million to $300 million of Paired Shares and extended the maturity of the program through December 31, 2017, each effective January 1, 2017. The increase in Paired Share repurchase authorization highlights the Company’s commitment to returning meaningful capital to shareholders while continuing to invest in the Company’s hotel portfolio and growth opportunities.

As of January 1, 2017, the Company had repurchased and retired approximately 9.4 million Paired Shares for approximately $139.8 million. As of January 1, 2017, the Company had approximately $160.2 million in repurchase authorization remaining. Repurchases may be made at management’s discretion from time to time in the open market, in privately negotiated transactions or by other means (including through Rule 10b5-1 trading plans). Depending on market conditions and other factors, these repurchases may be commenced or suspended without prior notice.

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