STAY - Extended Stay America closes on hotel deal expects Q1 distribution

Extended Stay America (STAY) announces the completed disposition of one hotel in California for gross proceeds of $65.0M.The company says the deal worked out to $445,200 per key valuation, as well as 20.2X 2019 Property adjusted EBITDA and 38.1X trailing twelve month property adjusted EBITDA. CEO statement: "This sale highlights the strong intrinsic value of our large, geographically diverse real estate portfolio  With the pace of development since the Company's founding, it is impossible to replicate our real estate portfolio today.  We believe that our strategy to strategically curate our REIT assets at significantly accretive multiples, as evidenced by this transaction, will create significant shareholder value in the coming years."Extended Stay America expects to distribute most or all the taxable income from the disposition to shareholders at the same time as its 2020 catch-up dividend in Q1.Source: Press ReleaseSee Extended Stay America's income statement by quarter.

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Extended Stay America closes on hotel deal, expects Q1 distribution