SPY - Extended Stay America stock trades above merger price again

Extended Stay America (STAY) stock rises 1.2% to $19.61, implying that investors expect to get a higher price than the $19.50 per paired share that Blackstone and Starwood Capital agreed to pay for the extended-stay hotel chain REIT.Tarsadia Capital, along with certain affiliates and funds it manages and a large shareholder in STAY, said it won't vote in favor of the deal because it "severely undervalues" the REIT.The firm, which owns ~3.9% of STAY's outstanding shares, also criticizes the agreement for its opportunistic timing, noting that it comes as STAY and the entire lodging industry are starting to recover from the COVID-19 pandemic to embark on "significant, multi-year recovery in RevPAR and earnings.""Tarsadia believes that a sale of the company now would deprive public shareholders of participation in the recovery of the lodging sector and imminent asset sales worth hundreds of millions of dollars," the investor said in a statement.Before the

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Extended Stay America stock trades above merger price again