Hotel chain Extended Stay America files for US IPO that could raise upwards of $500 million

Extended Stay America, the largest owner and operator of company-branded hotels in North America, filed on Monday with the SEC to raise up to $100 million in an initial public offering, although the deal size is likely just a placeholder. We estimate that the deal will raise between $500 million and $1 billion. The Charlotte, NC-based company, which was founded in 1995 and booked $1.0 billion in sales for the 12 months ended March 31, 2013, plans to list on the NYSE but has yet to announce a ticker. Deutsche Bank, Goldman Sachs and J.P. Morgan are the joint bookrunners on the deal. No pricing terms were disclosed.