Extended Stay America Extends Paired Share Repurchase Program

Extended Stay America, Inc. and ESH Hospitality, Inc. (STAY) announced on January 2 that the company’s Board of Directors has extended the paired share repurchase program through December 31, 2018. Repurchases can be made at the discretion of the management through open market purchases, private negotiations, or another arrangement. The company reiterated its commitment to growth in its hotel portfolio as well as returning capital to shareholders.

 

Sonal detected the event at 4:05 pm on January 2. The next trade took place at 4:07 pm for $19.11. The stock opened for regular market trading the next morning at $19.13. Although the stock price stayed relatively flat during the first day after the event, the price continued to trend higher over the next few sessions before closing at $20.05 on January 10.

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