CHARLOTTE, N.C. - Extended Stay America, Inc. and ESH Hospitality, Inc. (NASDAQ:STAY) (together, the "Company") today announced consolidated results for the three and nine months ended September 30, 2020.


Third Quarter 20 20 Highlights:

  • Net income of $ 31
    .
    5     million
  • T
    otal revenues     of $ 2
    85
    .
    9     million
  • C
    omparable system-wide     Revenue Per Available Room ("RevPAR") declined 14 . 7 % to $ 46
    .
    75
  • Comparable system-wide occupancy of 79
    .
    8     %
  • A
    djusted EBITDA     of $ 112.
    7     million
  • A
    djusted Funds From Operations (
    "
    Adjusted     FFO
    "
    )    1 of $ 0.
    40     per diluted Paired Share
  • A
    djusted Paired Share     Income    1 of $0
    .
    19     per diluted Paired Share
  • Comparable system-wide RevPAR index of 1
    29
    , a     3
    ,
    23     0 basis point increase

Extended Stay America's President and Chief Executive Officer Bruce Haase, commented, "We are pleased with another strong quarter easily outperforming every industry benchmark and improving our RevPAR index by more than 30% against our closest competition. Our performance illustrates the strength of our unique operating model, our singular focus on the extended stay segment, and the successful implementation of a wide variety of operational, marketing, and distribution channel initiatives."

"We generated strong free cash flow and fully repaid our REIT's outstanding revolver during the quarter. While others in the industry are forced to make difficult short-term decisions, we continue to invest in our properties, our people, and our longer term strategies which will enable further long-term success as the lodging markets recover."

1 See "Disclosure Regarding Non-GAAP Financial Measures" for an explanation of non-GAAP measures included in this release (i.e., Hotel Operating Profit, Hotel Operating Margin, EBITDA, Adjusted EBITDA, Funds From Operations ("FFO"), Adjusted FFO, Adjusted FFO per diluted Paired Share, Paired Share Income, Adjusted Paired Share Income and Adjusted Paired Share Income per diluted Paired Share).

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About Extended Stay America

Extended Stay America is the leading mid-priced extended stay hotel brand in the U.S., with more than 700 hotels. Committed to delivering value and genuine goodness to every guest at every location, the Extended Stay brand family includes Extended Stay America Premier Suites, Extended Stay America Suites, and Extended Stay America Select Suites. For more information or to book, please visit www.esa.com and follow @ExtendedStay.