Extended Stay America (ESA) and its paired-share REIT, ESH Hospitality, and together with ESA Blackstone Real Estate Partners and Starwood Capital Group have signed an amendment to their previously announced definitive merger agreement. Under the terms of the merger agreement, as amended, a 50-50 joint venture between funds managed by Blackstone and Starwood Capital will now pay STAY shareholders an additional $1.00 per paired share in cash for a total consideration of $20.50 per paired share in cash. The merger agreement, as amended, has been unanimously approved by the entire boards of directors of both ESA and ESH.
Tyler Henritze, head of acquisitions Americas for Blackstone Real Estate, said, “We are pleased that the revised offer and merger agreement have been approved by every director of ESA and ESH’s boards. Pending shareholder approval of this best and final offer, we look forward to closing the transaction in mid-June.”
Barry Sternlicht, CEO of Starwood
