Extended Stay America has announced today that subsidiaries of the company have signed an agreement to sell 53 U.S. economy extended-stay hotels and Crossland Economy Studios intellectual property for $285 million.
The 53 hotels have not been renovated during the company’s current renovation program.
“We believe our strongest growth opportunity is within our Extended Stay America branded hotels. 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,” Extended Stay America’s Chief Financial Officer, Jonathan Halkyard says in a statement.
Further details will be revealed upon the completion of the sale.
