Extended Stay Hotel Chain Seeks Up to $500 Million in IPO
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Extended Stay America Inc., the mid-price lodging chain owned by Blackstone Group LP, Centerbridge Partners LP and Paulson & Co., increased the amount it plans to raise in an initial public offering to as much as $500 million.
Deutsche Bank AG, Goldman Sachs Group Inc. and JPMorgan Chase & Co. will underwrite the sale, according to a regulatory filing today. Extended Stay, the largest owner-operator of company-branded hotels in North America, filed for the IPO in July with a placeholder amount of $100 million.