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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 5, 1997
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EXTENDED STAY AMERICA, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-27360 36-3996573
(State or other jurisdiction of (Commission File (IRS Employer
incorporation or organization) Number) Identification No.)
450 E. Las Olas Boulevard
Ft. Lauderdale, Florida 33301
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (954) 713-1600
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Item 5. Other Events.
On February 5, 1997, Extended Stay America, Inc. (the "Company") accepted
subscriptions from certain institutional investors in connection with a private
placement transaction for the sale of 11,500,000 shares of its common stock, par
value $.01 per share, at a purchase price of $17.625 per share, for an aggregate
amount of $202,687,500. The securities offered in this transaction were not
registered under the Securities Act of 1933, as amended (the "Act"), and may not
be offered or sold in the United States absent registration under the Act or an
applicable exemption therefrom.
The Company issued a news release announcing the private placement
transaction. A copy of the news release is filed herewith as Exhibit 99.1 and is
incorporated herein by this reference.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
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The exhibits to this report are listed in the Exhibit Index set forth
elsewhere herein.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
EXTENDED STAY AMERICA, INC.
By: /s/ Robert A. Brannon
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Robert A. Brannon
Senior Vice President, Chief
Financial Officer, Secretary and
Treasurer
Dated: February 7, 1997
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EXTENDED STAY AMERICA, INC.
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Exhibit Index
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<TABLE>
<CAPTION>
Exhibit
Number Description of Exhibit
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<C> <S>
99.1 News release dated as of February 5, 1997 by Extended Stay
America, Inc.
</TABLE>
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EXHIBIT 99.1
[LOGO OF EXTENDED STAY AMERICA]
(BW) (EXTENDED-STAY-AMERICA) (STAY) Extended Stay America, Inc. raises $200
million in private placement of common stock
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Feb. 5, 1997--Extended Stay
America, Inc. (Nasdaq:STAY) announced today that it has accepted subscriptions
from certain institutional investors in connection with a private placement
transaction for the sale of 11.5 million shares of its common stock, at a
purchase price of $17.625 per share, for an aggregate amount of $202.7 million.
Proceeds from this sale will be used for general corporate purposes, including
but not limited to, financing possible acquisitions and the construction of
extended stay lodging facilities.
The securities offered in this transaction were not registered under
the Securities Act of 1933 and may not be offered or sold in the United States
absent registration under the Act or an applicable exemption therefrom. This
release does not constitute an offer to sell or the solicitation of an offer to
buy common stock of Extended Stay America, Inc.
Extended Stay America, Inc. develops, owns and operates extended stay
lodging facilities on a national basis. As of January 31, 1997, the Company
operates 51 facilities in 20 states. There are also 45 facilities under
construction in 25 states and options to purchase 102 sites for development in
28 states. The Company also has a pending merger with Studio Plus Hotels, Inc.
which as of December 31, 1996 owned and operated 35 extended stay lodging
facilities and had 11 additional facilities under construction.
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NOTE TO EDITORS: For copies of recent press releases from Extended
Stay America via fax, at no charge, call 888/329-4696. For company information,
logo and photos via the Internet, visit http://www.businesswire.com/cnn/stay.htm
CONTACT: Extended Stay America, Inc.
Robert A. Brannon, Sr. Vice President and CFO
954/713-1603
News-On-Demand: 888/329-4696
CNN URL: http://www.businesswire.com/cnn/stay.htm
