Extended Stay America, Inc. (NYSE:ESA), in response to inquiries received today concerning the unusually high volume of trading in its common stock, reported that it was not aware of any material developments affecting the Company or its business.
The Company previously announced on July 28, 1998, the results of its operations for the three-months and six-months ended June 30, 1998, which exceeded analysts expectations. The Company is not aware of any material changes in its financial condition or results of operations since June 30, 1998.
The Company`s three extended stay lodging brands often operate concurrently in the same market. All properties are designed to appeal to value-conscious guests on visits of a week or longer. Crossland Economy Studios, with rates generally ranging from $159 to $199 per week, offer a double bed and kitchenette. EXTENDED STAYAMERICA Efficiency Studios, with rates generally ranging from $199 to $299 a week, offer a queen-size bed and kitchenette. StudioPLUS Deluxe Studios offer deluxe and queen studios, which include kitchens, at rates generally ranging from $299 to $399 a week. Weekly housekeeping and an on-premise guest laundry are provided at all properties.