Extended Stay America, Inc. and Studio Plus Hotels, Inc. consummate merger.LEXINGTON Lexington. 1 City (1990 pop. 225,366), seat of Fayette co., N central Ky., in the heart of the bluegrass region; inc. 1832, made coextensive with Fayette co. 1974. , Ky.--(BUSINESS WIRE)--April 11, 1997--Extended Stay America, Inc. (Nasdaq:STAY) and Studio Plus Hotels, Inc. (Nasdaq: SPHI), announced today that their shareholders have voted to approve the merger between the two companies, and that the merger is expected to be consummated con·sum·mate tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates 1. a. To bring to completion or fruition; conclude: consummate a business transaction. b. today. Pursuant to the terms of the merger agreement, shareholders of Studio Plus will receive 1.2272 shares of the common stock of Extended Stay America The first Extended Stay America hotels opened in 1995 by a number of founders including management from Blockbuster Video and AutoNation. In 1996, Extended Stay America acquired StudioPLUS, further continuing its growth. , Inc. for each share of Studio Plus Hotels, Inc. "The merger of Studio Plus with Extended Stay America signifies our commitment to be the leader of the extended stay lodging Lodging or holiday accommodation is a type of accommodation. People who travel and stay away from home for more than a day need lodging mainly for sleeping. Other purposes are safety, shelter from cold and rain, having a place to store luggage and being able to take a market," said George D. Johnson, Jr., President and Chief Executive Officer, Extended Stay America. "We are proud to add the high quality Studio Plus product to our facilities, which with our recently announced launch of Crossland Economy Studios, will allow the Company to compete effectively across the entire extended stay lodging category." Norwood Cowgill, Jr., Chairman and Chief Executive Officer of Studio Plus, added, "We are pleased to be part of Extended Stay's expansion plans. Our experience and products are highly complimentary, and we look forward to working with the Extended Stay America management team to accelerate Studio Plus' growth." Mr. Cowgill has been appointed to serve on the Board of Directors of Extended Stay America, Inc., and will continue to serve as Chairman and Chief Executive Officer of Studio Plus. Studio Plus, a leading owner and operator of mid-priced extended stay lodging facilities primarily in the Midwestern and Southeastern United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , currently has 38 operating hotels and 23 hotels under construction. Studio Plus had previously announced its intention to have 65 operating hotels by year end 1997. Extended Stay America is the nation's fastest growing provider of economy extended stay lodging and currently operates 57 properties in 22 states. One of the 57 properties is the first Crossland Economy Studios, which opened January 2, 1997, in Independence, MO. As of March 31, 1997, the Company had 58 properties under construction in 27 states, and options to purchase 107 sites for development in 33 states. -0- NOTE TO EDITORS: For copies of recent press releases from Extended Stay America via fax, at no charge, call 888/395-STAY (7829). For company information, logo and photos via the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the , visit http://www.businesswire.com/cnn/stay.htm In the World Wide Web address noted in this news release, there is a double slash between http: and www.businesswire.com/cnn/stay.htm. These symbols may not appear properly in some systems. CONTACT: Extended Stay America Inc. Mike Wilson Mike Wilson could refer to the following people:
News-On-Demand: 888/395-STAY (7829) CNN CNN or Cable News Network Subsidiary company of Turner Broadcasting Systems. It was created by Ted Turner in 1980 to present 24-hour live news broadcasts, using satellites to transmit reports from news bureaus around the world. URL URL in full Uniform Resource Locator Address of a resource on the Internet. The resource can be any type of file stored on a server, such as a Web page, a text file, a graphics file, or an application program. : http://www.businesswire.com/cnn/stay.htm |
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