CHARLOTTE, NC— Extended Stay America, Inc. (NASDAQ:STAY), the largest mid-priced extended-stay hotel brand, announced today the addition of seven properties through franchise conversions. The properties are all owned by New York-based Three Wall Capital (TWC) and will be operated by Dallas, Texas-based Aimbridge Hospitality, the nation’s largest management company.
The properties include:
- Extended Stay America Virginia Beach, Virginia Beach, Virginia
- Extended Stay America Newport News – Yorktown, Newport News, Virginia
- Extended Stay America Richmond – Glen Allen – Short Pump, Glen Allen, Virginia
- Extended Stay America Chantilly – Dulles, Chantilly Virginia
- Extended Stay America Atlanta – Norcross, Norcross, Georgia
- Extended Stay America Atlanta – Northlake, Northlake, Georgia
- Extended Stay America Chicago – Elgin – West Dundee, West Dundee, Illinois
All of the hotels are well-positioned in their markets and within close proximity to retail, office, hospital, airports, and major highways. They will all feature complimentary Wi-Fi, premium cable, a STAYFIT fitness room, and a STAYCLEAN laundry room. The rooms include fully equipped kitchens with full-size refrigerators, stovetop, cookware, utensils, and dishes, as well as pillowtop beds, recliners, spacious workspace, and television streaming capabilities.
“We are extremely excited to be announcing the addition of seven conversions into the ESA brand,” said Judi Bikulege, Chief Investment Officer, Extended Stay America. “These new ESA locations continue our strategy of growing the ESA portfolio through franchising and the opportunity to do so through conversions of existing hotels as well as new construction. We look forward to continuing to work with Three Wall Capital and Aimbridge, as well as all of our current and prospective owners to continue growing our brand throughout the United States.”
TWC was the first Extended Stay America franchisee through the acquisition of 25 existing ESA hotels across the Midwest and Texas. “We viewed this acquisition not only as an opportunity to acquire strategically located assets and grow our extended-stay portfolio, but we were also thrilled to be able to work with ESA and build upon our strong existing relationship,” remarked Alan Kanders, Managing Member and Founder Three Wall Capital. “The strength of the ESA brand and the support of the ESA and Aimbridge teams helped us complete this transaction in the midst of the COVID-19 pandemic.”
TWC engaged Aimbridge Hospitality as the third-party manager of the portfolio, who is an experienced operator in the extended-stay space and currently operates 21 extended stay hotels for TWC. “Our extended stay team is excited to manage this exceptional collection of properties, and to continue to grow our partnership with Three Wall Capital and Extended Stay America,” said Mike Deitemeyer, Global President of Aimbridge Hospitality. “Our deep understanding of extended stay properties, along with our vertical specialists who understand the nuance of operating this category, is a tremendous advantage to owners and in driving each property’s market success.”