CHARLOTTE, N.C. — Extended Stay America, Inc. has announced an agreement that will see the company transition to a single, nationwide brand.
Through its subsidiaries, Extended Stay America has agreed to sell all 47 Crossland Economy Studios branded hotels and six similarly positioned Extended Stay America branded hotels, along with Crossland Economy Studios intellectual property for US$285 million.
“We believe our strongest growth opportunity is within our Extended Stay America branded hotels,” said Jonathan Halkyard, CFO, Extended Stay America. “This transaction allows us to focus our resources on the renovation and marketing of a single brand, is financially attractive and improves our product quality and marketing effectiveness.”
The company owns and operates 682 hotels in the U.S. and Canada.