Extended Stay America, Inc. (NYSE:ESA), has opened its 300th hotel in Morgan Hill, CA, firmly positioning it as the fastest growing owned and operated hotel chain in history.
Extended Stay America, which has seen considerable growth since the opening of its first hotel in 1995, develops, owns and operates three brands of extended stay lodging hotels—StudioPLUS Deluxe Studios, Extended StayAmerica Efficiency Studios and Crossland Economy Studios. From just two properties open at the end of 1995 to a projected 305 properties open at the close of 1998, the Company has averaged adding 76 properties per year since its inception and more than 100 properties in each of the last two years.
“The opening of our 300th hotel is testimony to the dedication and skills of our employees and is symbolic of the commitment our Company has made to be the leading provider of extended stay lodging in the country,” said George D. Johnson, Jr., Chief Executive Officer of Extended Stay America, Inc. “This achievement is not about the bricks and mortar of one hotel. It`s about the hard work of our employees and their proven ability to deliver the finest in high value, low cost extended stay lodging.”
A recent study by PriceWaterhouseCoopers confirmed that demand for extended stay lodging is strong and will continue to grow. The study estimates total U.S. demand to be approximately 300,000 rooms compared to current supply of approximately 100,000 rooms.
“Based on the PriceWaterhouseCoopers findings and our outstanding Gallup Guest Satisfaction Surveys, we are convinced that demand for our products is significant and know that our guests are thrilled with our high quality, high value products. We will continue to move forward with our aggressive expansion program and intend to remain the leader of the extended stay lodging industry,” Mr. Johnson added.
The new 300th hotel is a three-story Extended StayAmerica Efficiency Studios brand hotel located at 605 Jarvis Drive in Morgan Hill, CA. Each of the hotel`s 92 rooms is fully furnished with a queen-size bed, recliner, cable TV with remote, free voice mail, free local calls, and a computer data port. Each room also has a kitchen with a refrigerator, two-burner range, microwave, coffee maker, utensils and tableware.
The property also features a 24-hour, coin-operated, on-site laundry facility for guests and convenient vending machines. Weekly guests are provided with weekly housekeeping and twice-weekly towel service. The hotel also welcomes nightly guests.
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, also is Chairman and Co-Chief Executive Officer of Republic Industries, Inc., and formerly was Vice Chairman of Viacom, Inc., and Chairman and Chief Executive Officer of Blockbuster Entertainment Corp.
The Company currently operates 300 extended stay lodging properties in 37 states, which includes 91 StudioPLUS Deluxe Studios, 179 Extended StayAmerica Efficiency Studios and 30 Crossland Economy Studios facilities. 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.extstay.com.