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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Blackstone Inc | NYSE:BX | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 3.51 | 2.79% | 129.48 | 129.67 | 127.17 | 127.17 | 1,607,420 | 18:03:50 |
From May 2019 to May 2024
Extended Stay America Inc. on Monday said it agreed to sell its Crossland Economy Studios hotel brand for $285 million in cash.
The sale includes 53 extended-stay hotels in the U.S. that haven't been renovated and bring in less revenue on average than the company's other hotels.
Extended Stay said the hotels included in the sale generated revenue per available room of $27.89 for the year ended June 30, compared with $45.95 from its other 629 hotels.
Extended Stay, which rents rooms with kitchens to guests looking to spend a week or more at the property, said the sale positions it as a single brand and improves the quality of its portfolio.
The company also backed its third-quarter outlook.
Shares of Extended Stay, inactive premarket, are down 9.6% this year.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
September 21, 2015 08:45 ET (12:45 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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