Date: March 2018
Location: 25 hotels in Ohio, Kentucky, Indiana and Texas
Name: Extended Stay America Hotels (ESA)
No. of Keys: 2,400
Seller: ESH Hospitality Inc, headed up by CEO Jonathan Halkyard and Three Wall Capital LLC headed up by Alan Kanders, Three Wall Capital founder and managing member.
Buyer: 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. In conjunction with this transaction, Three Wall Capital has signed an agreement to build 15 additional ESA hotels over a seven-year period.
THPT Comment: Three Wall currently have a portfolio of five hotels in the Greater New York City area and one in Bermuda.
Sadly we hear, at the end of March 2018, that Wayne Huizenga has died at the age of 80. Huizenga co-founded Extended Stay America, with George Johnson Jnr in 1995 in Fort Lauderdale, FL before they sold the business to Blackstone for US$3.1bn in 2004.
First Seen: Hotel Business