Extended Stay America signs 25-property management deal

Extended Stay America, ESH Hospitality and Three Wall Capital completed the sale of 25 Extended Stay America hotels to an affiliate of Three Wall Capital.

Three Wall Capital will be Extended Stay America’s first third-party operator following ESA's launch of a franchising model in mid-2017. Extended Stay America will continue to manage the 25 ESA hotels over 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 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,” Jonathan Halkyard, CEO of Extended Stay America, said in a statement.