Marks First Franchise Conversion in Brand’s History
CHARLOTTE, N.C., April 03, 2019 (GLOBE NEWSWIRE) -- Extended Stay America, Inc. (NASDAQ:STAY) (“ESA”) announced today the first franchise conversion in the brand’s history with the opening of the Extended Stay America Houston IAH Airport in Houston, Texas. The all-suite property is owned by an affiliate of Provident Realty Advisors, Inc., a Dallas based developer with 27 years of real estate experience who recently purchased 16 Extended Stay America Hotels. This conversion marks the first of five hotels Provident committed to build or convert as part of their acquisition of the initial portfolio. All 17 Extended Stay America properties in the Provident portfolio are being operated by Aimbridge Hospitality, the nation’s largest management company.
The three-story, 115-room hotel is located close to downtown Houston and minutes from the Houston Intercontinental Airport as well as major corporations such as Halliburton, Baker Hughes Inc, and Arco. For guest convenience, the hotel features an on-site business center, large in-suite kitchen and a work desk as well as laundry facilities and free Wi-Fi. The hotel will be undergoing a renovation to add some of the brand signature items including upgraded 43” TV’s, converting the existing lobby to the StayPlay lobby design, adding a grab and go breakfast area, and an update to some of the guestroom soft goods.
“This new ESA location represents our first opportunity as a franchisor to extend our brand quickly through a thoughtful and rapidly executed acquisition and conversion by Provident in the always-bustling Houston metro. We are thrilled to expand our relationship with Provident and Aimbridge,” said Jim Alderman, Chief Development Officer, Extended Stay America, Inc. “It continues our strategy of growing the ESA portfolio of properties through development and franchising. We look forward to working with Provident, as well as all of our current and prospective owners, on expanding the ESA footprint to service our guests everywhere they need a room with a full kitchen for as long as they need to stay.”
“We are excited about converting the property into an Extended Stay America hotel,” said Leon Backes, Owner, Provident Realty Advisors. “We have experienced success with our ESA portfolio which we credit to the great team we have in place and ESA’s operating model being geared toward long-term stays. With this conversion, we are growing our ESA portfolio and plan to build off our success.”
“We are excited to add another property to our rapidly expanding ESA portfolio,” said Dave Johnson, CEO, Aimbridge Hospitality. “ESA is the undisputed leader in the extended-stay segment, and we expect a continuation of strong operating results as our relationship grows.”
Read more about Extended Stay America at www.newesa.com.
About Extended Stay America
Extended Stay America, Inc. (“ESA”) and its brand Extended Stay America® is the leading brand in the mid-priced extended stay segment in the U.S with 628 hotels, with approximately twice as many rooms as its nearest competitor. ESA’s subsidiary, ESH Hospitality, Inc., is the largest lodging REIT in North America by unit and room count, with 554 hotels and approximately 61,500 rooms in the U.S. ESA also manages or franchises an additional 74 Extended Stay America® hotels. Visit www.esa.com for more information.
About Provident Realty Advisors, Inc.
Provident Realty Advisors, Inc (“Provident”) is a Dallas based private developer that was founded in 1991 by Leon Backes. Over the past 27 years, Provident has developed or invested in over $3 billion worth of real estate and grown to over 80 employees including an in-house construction team.
Provident’s development track record and experience includes a variety of asset types including multi-family, single family, retail, office and self-storage. Provident currently owns over 8,000 apartment units through ground up development and a value-add acquisition program has developed over 10,000 residential lots including Paloma Creek – a perennial best-selling master plan community in the country. In addition to residential development, Provident has developed over a million square feet of retail and office space and built over two dozen self-storage facilities.
About Aimbridge Hospitality
Based in Dallas, Aimbridge is a third-party hotel operator with a management portfolio that includes approximately 800 upscale, independent and branded hotels with more than 100,000 rooms across the United States, Canada, and the Caribbean. Aimbridge provides property-management, asset-management, development, renovation, and consulting services.
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A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/9e116ffc-0b11-4ee0-a7dd-a484161e50a7
Source: Extended Stay America, Inc.