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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): March 10, 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 March 10, 1998, Extended Stay America, Inc. (the "Company") completed a
private placement of $200 million of 9.15% Senior Subordinated Notes due March
15, 2008 (the "Notes"). The Notes have not been 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 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: March 16, 1998
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EXTENDED STAY AMERICA, INC.
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Exhibit Index
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<CAPTION>
Exhibit
Number Description of Exhibit
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<S> <C>
99.1 News release dated March 10, 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. COMPLETES
SUCCESSFUL PRIVATE PLACEMENT OF SENIOR SUBORDINATED NOTES
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--March 10, 1998--Extended Stay
America, Inc. (NYSE: ESA), today announced that it has completed the private
placement of $200 million of Senior Subordinated Notes. The notes consist of
9.15% Senior Subordinated Notes due March 2008 and were priced at par. The net
proceeds from the notes will be used to repay revolving debt, construct
additional extended stay facilities, and for general corporate purposes. The
notes have not been 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 facilities 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-premises laundry are provided at all facilities.
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 Studio Plus Hotels, Inc. As of
February 28, 1998, the Company owned and operated 213 extended stay lodging
facilities in 37 states, had 68 properties under construction and had options to
acquire 154 additional sites.
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