SPARTANBURG, S.C.—(BUSINESS WIRE)—May 15, 2002—Extended Stay America, Inc. (NYSE: ESA) will host its seventh Annual Shareholders Meeting on Wednesday, May 22, 2002 at 11:00 a.m.
The meeting will be held at Converse College in the Twichell Auditorium in Spartanburg, S.C. at 580 East Main Street. There will be a reception prior to the meeting on the second floor lobby of the auditorium.
Parking for the meeting will be available in front of Converse College on the main circle and beside Twichell Auditorium on either side of Fairview Street.
Extended Stay America, Inc. recently celebrated the following accomplishments:
— Being named one of America`s 100 Fastest Growing Companies by Fortune magazine for the third year in a row.
— Being added to Standard and Poor`s MidCap 400 Index in August 2001.
— Completing the relocation of its corporate headquarters from Fort Lauderdale to Spartanburg in August 2001.
— Breaking ground in March 2002 on the Company`s new Spartanburg-based corporate headquarters building to be completed in April 2003.
Extended Stay America, Inc., which is the fastest growing company owned and operated hotel chain in U.S. history, currently owns and operates 446 extended-stay hotels located in 42 states, including 95 StudioPLUS Deluxe Studios, 312 Extended Stay America Efficiency Studios and 39 Crossland Economy Studios facilities.
During 2002, Extended Stay America, Inc. plans to invest $210 million in 24 new properties. The Company has also identified 25 additional sites with total development costs of approximately $186 million for which construction could commence in 2002.
Extended Stay America, Inc. was founded in January 1995 by Mr. Johnson and H. Wayne Huizenga. Mr. Johnson was formerly President of the Consumer Products Division of Blockbuster Entertainment Corp., a division of Viacom, Inc. Mr. Huizenga, who is Chairman of the Board, is also Chairman of the Board for AutoNation, Inc. and formerly was Vice Chairman of Viacom, Inc., and Chairman and Chief Executive Officer of Blockbuster Entertainment Corp.
For reservations, locations or additional information on Extended Stay America, Inc., please call 1-800-EXT-STAY or visit the Company`s Web site at www.extendedstay.com.