SEC Reporting: Extended Stay America, Inc: Centerbridge Credit Partners Opened Big New Position

SEC Reporting: Extended Stay America, Inc: Centerbridge Credit Partners Opened Big New Position

The New Centerbridge Credit Partners Holding in Extended Stay America, Inc

Centerbridge Credit Partners filed with the SEC SC 13D/A form for Extended Stay America, Inc. The form can be accessed here: 000089534516000564. As reported in Centerbridge Credit Partners’s form, the filler as of late owns 18.8% or 37,348,258 shares of the Consumer Discretionary–company.

Extended Stay America, Inc stake is a new one for the and it was filed because of activity on October 4, 2016. We feel this shows Centerbridge Credit Partners’s positive view for the stock.

Reasons Why Centerbridge Credit Partners Bought – Extended Stay America, Inc Stock

Item 4. Purpose of Transaction

The subheading and first two paragraphs under subheading “Proposed Secondary Offering” of Item 4 is hereby amended and restated in its entirety to read as follows:

“References to and descriptions of the Stockholders’ Agreement and Registration Rights Agreement set forth above in this Item 4 do not purport to be complete and are qualified in their entirety by reference to the full text of the Stockholders’ Agreement and Registration Rights Agreement, which have been previously filed hereto as Exhibits 3 and 4, respectively, and incorporated by reference herein.

Share Repurchase

Pursuant to an agreement (the “

Share Repurchase Agreement

”) among Extended Stay America, Inc., ESH Hospitality, Inc. and the Sponsors, Extended Stay America, Inc. and ESH Hospitality, Inc. purchased 1,950,000 Paired Shares directly from the Sponsors in a private, non-underwritten transaction at a price per Paired Share equal to the price paid by the underwriter in the offering described below.

The foregoing description of the Share Repurchase Agreement is qualified in its entirety by reference to the full text of the Share Repurchase Agreement, which is filed as Exhibit 7 hereto and is incorporated herein by reference.

Secondary Offering

On June 5, 2015, Extended Stay America, Inc. and ESH Hospitality, Inc. filed a joint automatic shelf registration statement contemplating the sale by each of the Sponsors of Paired Shares totaling, together with Paired Shares sold by the other Sponsors, in the aggregate 142,960,388 Paired Shares. On October 3, 2016, Extended Stay America, Inc. and ESH Hospitality, Inc. filed a preliminary prospectus supplement contemplating the sale by each of the Sponsors of Paired Shares totaling, together with Paired Shares sold by the other Sponsors, in the aggregate 13,000,000 Paired Shares. On September 29, 2016, Extended Stay America, Inc., ESH Hospitality, Inc. and the Sponsors entered into an underwriting agreement (the “

Underwriting Agreement

”) with the underwriters named therein (the “

Underwriters

”). Pursuant to the Underwriting Agreement, the Sponsors sold in the aggregate 15,000,000 Paired Shares to the Underwriters. The offering closed on October 4, 2016.

The foregoing description of the Underwriting Agreement is qualified in its entirety by reference to the full text of the Underwriting Agreement, which is incorporated herein by reference.

Distributions in Kind

On Oct 6, 2016 certain of the reporting Persons made the following series of distributions in kind.

First, VI-A, VI-B and SAIV made distributions in kind of 162,535, 162,475 and 4,990 Paired Shares (the “

DIK Shares

”) respectively to their general partner CALP in connection with pro rata distributions by VI-A, VI-B and SAIV to their respective partners.

Second, CALP distributed the DIK Shares to its sole economic partner, CCP GP Investor Holdings (Cayman), L.P. (“CCPGP”).

Third, CCPGP distributed the DIK Shares to certain of its members in connection with a pro rata distribution by CCPGP to its members.

Upon receipt of the DIK Shares by the members of CCPGP, including Mr. Aronson and Mr. Gallogly, the members donated the DIK Shares to various charities.

Lock-Up Agreements

In connection with the secondary offering referenced herein, the Issuer, its executive officers and directors and the Sponsors have agreed with the Underwriters, subject to specified exceptions, not to sell, dispose of or hedge any of the Paired Shares or securities convertible into or exchangeable for Paired Shares, for a period of 30 days after September 29, 2016, except with the prior written consent of Goldman, Sachs & Co..

The foregoing description of the Lock-Up Agreements is qualified in its entirety by reference to the full text of the Lock-Up Agreements, which is incorporated herein by reference.”

Extended Stay America, Inc Institutional Sentiment

Latest Security and Exchange filings show 109 investors own Extended Stay America, Inc. The institutional ownership in Q3 2015 is high, at 104.38% of the outstanding shares. This is increased by 55366296 the total institutional shares. 209499892 were the shares owned by these institutional investors. In total 25 funds opened new Extended Stay America, Inc stakes, 47 increased stakes. There were 10 that closed positions and 31 reduced them.

3 managers had the stock in their top Ten. Notable investors are: Centerbridge Partners L.P., Simcoe Capital Management Llc, Blackstone Group L.P., Goldentree Asset Management Lp..

Raveneur Investment Group Lp is an institutional investor bullish on Extended Stay America, Inc, owning 60307 shares as of Q3 2015 for 0.34% of its portfolio. Steven Tananbaum Goldentree Asset Management Lp owns 787835 shares or 2.16% of its portfolio. NY Blackstone Group Lp have 2.57% of their stock portfolio for 47620730 shares. Further, Adi Capital Management Llc reported stake worth 3.95% of its US stock portfolio. The NY Centerbridge Partners Lp owns 47661591 shares. Extended Stay America, Inc is 46.47% of the manager’s US portfolio.

Business Profile

Extended Stay America, Inc. (Extended Stay) is an integrated owner/operator of company-branded hotels in North America. The Company operates in hotel operations segment. Its business operates in the extended stay lodging industry. It owns and operates approximately 630 hotels comprising over 69,400 rooms located in approximately 40 states across the United States and in Canada. It owns and operates its hotels under its core brand, Extended Stay America, which serves the mid-price extended stay segment. In addition, it owns and operates over three Extended Stay Canada hotels. It operates its hotels owned by ESH Hospitality, Inc. (ESH REIT). The hotels are operated by the Operating Lessees, subsidiaries of the Company and are managed by ESA Management LLC (ESA Management), a subsidiary of the Company. ESH Strategies, a subsidiary of the Company, owns the brands related to its business. The Company’s extended stay hotels are designed to provide lodging or apartment accommodations.

SEC Form 13D is filed within 10 days, by anyone who acquires beneficial ownership of 5%+ of any public firm. Activist investors and practices such as: company breakups, hostile takeovers, and change of control events, are permitted for this form filers. A filer must promptly update its 13D filing in case of acquisition or disposition of 1% or more of the securities that are the subject of the filing.

Insitutional Activity: The institutional sentiment increased to 1.66 in 2016 Q2. Its up 0.42, from 1.24 in 2016Q1. The ratio is positive, as 14 funds sold all Extended Stay America Inc shares owned while 30 reduced positions. 18 funds bought stakes while 55 increased positions. They now own 197.88 million shares or 0.07% more from 197.73 million shares in 2016Q1.

Swiss Fincl Bank last reported 135,386 shares in the company. Centerbridge Prtnrs Ltd Partnership last reported 42.66 million shares in the company. Wells Fargo And Mn last reported 1.40M shares in the company. Jpmorgan Chase reported 532,546 shares or 0% of all its holdings. State Street holds 733,778 shares or 0% of its portfolio. Vanguard Group holds 5.20M shares or 0% of its portfolio. Omers Administration Corporation has 77,900 shares for 0.02% of their US portfolio. Metropolitan Life Insurance Ny owns 2,641 shares or 0% of their US portfolio. Blackrock Mngmt Ltd Llc accumulated 35,167 shares or 0% of the stock. Guggenheim Cap Llc has invested 0% of its portfolio in Extended Stay America Inc (NYSE:STAY). Ubs Oconnor Ltd reported 254,979 shares or 0% of all its holdings. Legal & General Gp Public Ltd Com, a United Kingdom-based fund reported 4,867 shares. The Switzerland-based Zurcher Kantonalbank (Zurich Cantonalbank) has invested 0% in Extended Stay America Inc (NYSE:STAY). Invesco has 51,370 shares for 0% of their US portfolio. Blackrock Advsrs Llc holds 0% of its portfolio in Extended Stay America Inc (NYSE:STAY) for 42,631 shares.

Insider Transactions: Since October 4, 2016, the stock had 0 buys, and 3 sales for $211.69 million net activity. 4.98 million shares were sold by PAULSON & CO. INC., worth $70.56 million on Tuesday, October 4. $70.56M worth of Extended Stay America Inc (NYSE:STAY) was sold by Blackstone Real Estate Associates VI-ESH L.P. on Tuesday, October 4. $70.56M worth of Extended Stay America Inc (NYSE:STAY) shares were sold by Blackstone Real Estate Partners VI.A-ESH L.P..

About 865,147 shares traded hands or 15.64% up from the average. Extended Stay America Inc (NYSE:STAY) has declined 6.61% since March 4, 2016 and is downtrending. It has underperformed by 14.65% the S&P500.

Extended Stay America, Inc. is an integrated owner/operator of company-branded hotels in North America. The company has a market cap of $2.72 billion. The Firm operates in hotel activities segment. It has a 25.19 P/E ratio. The Company’s business operates in the extended stay lodging industry.

Extended Stay America Inc (NYSE:STAY) Ratings Coverage

Out of 7 analysts covering Extended Stay America (NYSE:STAY), 2 rate it a “Buy”, 1 “Sell”, while 4 “Hold”. This means 29% are positive. $26 is the highest target while $14 is the lowest. The $18.50 average target is 33.86% above today’s ($13.82) stock price. Extended Stay America has been the topic of 11 analyst reports since August 3, 2015 according to StockzIntelligence Inc. Goldman Sachs initiated the shares of STAY in a report on Monday, September 26 with “Neutral” rating. The stock of Extended Stay America Inc (NYSE:STAY) earned “Neutral” rating by M Partners on Thursday, January 14. Deutsche Bank maintained the shares of STAY in a report on Friday, July 31 with “Buy” rating. The stock of Extended Stay America Inc (NYSE:STAY) earned “Outperform” rating by Robert W. Baird on Monday, August 3. Deutsche Bank maintained Extended Stay America Inc (NYSE:STAY) rating on Wednesday, October 28. Deutsche Bank has “Buy” rating and $26 price target. The stock of Extended Stay America Inc (NYSE:STAY) earned “Underperform” rating by Bank of America on Tuesday, July 21. The firm has “Neutral” rating by Citigroup given on Wednesday, August 17.

More notable recent Extended Stay America Inc (NYSE:STAY) news were published by: Businesswire.com which released: “Extended Stay America Announces Secondary Offering and Repurchase of Paired Shares” on September 29, 2016, also Businesswire.com with their article: “Extended Stay America Announces Dates for Third Quarter Earnings Release and …” published on October 06, 2016, Forbes.com published: “Ex-Dividend Reminder: Coty, Gildan Activewear and Extended Stay America” on August 05, 2016. More interesting news about Extended Stay America Inc (NYSE:STAY) were released by: Prnewswire.com and their article: “Extended Stay America Announces Resignation Of Chief Marketing Officer” published on September 08, 2016 as well as Businesswire.com‘s news article titled: “Extended Stay America, Inc. Announces Launch of New Credit Facilities” with publication date: August 05, 2016.

According to Zacks Investment Research, “Extended Stay America, Inc. owns and operates hotels under the core brand, Extended Stay America(R). It is the owner/operator of company-branded hotels in North America. The Company offers guest rooms, dining services, on-site laundry, local phone calls, personalized voicemail, pools, fitness centers, and pet friendly accommodations. Extended Stay America, Inc. is headquartered in Charlotte, North Carolina.”

STAY Company Profile

Extended Stay America, Inc. (Extended Stay), incorporated on July 8, 2013, is an integrated owner/operator of company-branded hotels in North America. The Firm operates in hotel activities segment. The Company’s business operates in the extended stay lodging industry. The Firm owns and operates approximately 630 hotels comprising over 69,400 rooms located in approximately 40 states across the United States and in Canada. It owns and operates its hotels under its core brand, Extended Stay America, which serves the mid-price extended stay segment. In addition, the Company owns and operates over three Extended Stay Canada hotels. The Firm operates its hotels owned by ESH Hospitality, Inc. (ESH REIT). The hotels are operated by the Operating Lessees, subsidiaries of the Company and are managed by ESA Management LLC (ESA Management), a subsidiary of the Company. ESH Strategies, a subsidiary of the Company, owns the brands related to its business.

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