CHARLOTTE, NC— Extended Stay America Inc. (ESA), ESH Hospitality Inc. and Three Wall Capital LLC have completed the sale of 25 Extended Stay America hotels to an affiliate of Three Wall Capital LLC. Three Wall Capital is now the first third-party owner of the brand.
ESA will continue to manage the 25 hotels during a 20-year contract. The 25 hotels represent more than 2,400 rooms and are located in Ohio, Kentucky, Indiana and Texas. In conjunction with this transaction, Three Wall Capital has signed an agreement to build 15 additional ESA hotels over a seven-year period.
“We are proud to partner with a company that shares our commitment to quality, and are thrilled to welcome Three Wall Capital into the ESA system as our first third-party owners,” said ESA’s CEO Jonathan Halkyard.
“The acquisition of these assets along with our commitment to growing the ESA system provides us with a fantastic opportunity to partner with one of the industry’s premier brands and the leader in the mid-priced extended-stay segment,” said Alan Kanders, Three Wall Capital founder and managing member.