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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
____________________
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 20, 1998
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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 20, 1998, Extended Stay America, Inc. (the "Company") announced
its intent to commence an offering of $200 million of Senior Subordinated Notes
(the "Notes"). The Notes to be offered in this transaction will not be
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. Accordingly, the Notes are being offered and
sold only (i) to "Qualified Institutional Buyers" (as defined in Rule 144A of
the Act), (ii) to other institutional "Accredited Investors" (as defined in Rule
501(a)(1), (2), (3), or (7) under the Act), and (iii) outside the United States
in compliance with Regulation S under the Act.
The Company issued a news release announcing the offering of the Notes. 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 25, 1998
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EXTENDED STAY AMERICA, INC.
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Exhibit Index
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Exhibit
Number Description of Exhibit
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99.1 News release dated as of February 20, 1998 by Extended Stay America,
Inc.
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EXHIBIT 99.1
PRESS RELEASE
For Immediate Release For More Information Contact:
Robert A. Brannon, Sr. V.P. and CFO
(954) 713-1603
EXTENDED STAY AMERICA, INC. PROPOSES
UNREGISTERED SENIOR SUBORDINATED NOTES OFFERING
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Feb. 20, 1998--Extended Stay
America, Inc. (NYSE: ESA), today announced that it intends to commence an
offering of $200 million of Senior Subordinated Notes. The net proceeds from the
offering will be used to repay revolving debt, construct additional extended
stay facilities, and for general corporate purposes. The Notes to be offered
have not been and will not be registered under the Securities Act of 1933, and
may not be offered or sold in the United States absent registration or an
applicable exemption from registration requirements.
Extended Stay America's three extended stay lodging brands often operate
concurrently in the same market. All properties are designed to appeal to value
conscious guests on visits of a week or longer. Crossland Economy Studios, with
rates generally ranging from $159 to $199 per week, offer a double bed and
kitchenette. EXTENDED STAY AMERICA Efficiency Studios, with rates generally
ranging from $199 to $299 a week, offer a queen-size bed and kitchenette.
StudioPLUS Deluxe Studios offer deluxe and queen studios, which include
kitchens, at rates generally ranging from $299 to $399 a week. Weekly
housekeeping and an on-premise guest laundry are provided at all properties.
The Company's first EXTENDED STAY AMERICA Efficiency Studios property
opened in August, 1995, in Spartanburg, SC. In January, 1997, the Company
launched the first Crossland Economy Studios in Independence, MO, and on April
11, 1997, the Company consummated a merger with StudioPLUS Hotels, Inc. The
Company now owns and operates 212 extended stay lodging properties in 37 states.
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