Derivative Instruments

12 Months Ended

Dec. 31, 2016

Derivative [Line Items]

Derivative Instruments

DERIVATIVE INSTRUMENTS

In September 2016, ESH REIT entered into a floating-to-fixed interest rate swap at a fixed rate of 1.175% and a floating rate subject to a LIBOR floor of 0.75%, to manage its exposure to interest rate risk on a portion of its variable rate debt. The notional amount of the interest rate swap as of December 31, 2016 was $500.0 million, which is reduced by $50.0 million every six months until September 2021. The swap is designated and accounted for as an effective cash flow hedge, as the notional amount, interest rate and payment dates in the interest rate swap match those of the hedged cash flows. The fair value of the interest rate swap as of December 31, 2016 was approximately $5.0 million and is reported in other assets on the accompanying consolidated balance sheets. The amount recorded in accumulated other comprehensive income as of and for the year ended December 31, 2016 was approximately $3.9 million, net of tax. There were no interest rate derivatives outstanding as of December 31, 2015.

ESH REIT [Member]

Derivative [Line Items]

Derivative Instruments

DERIVATIVE INSTRUMENTS

In September 2016, ESH REIT entered into a floating-to-fixed interest rate swap at a fixed rate of 1.175% and a floating rate subject to a LIBOR floor of 0.75%, to manage its exposure to interest rate risk on a portion of its variable rate debt. The notional amount of the interest rate swap as of December 31, 2016 was $500.0 million, which is reduced by $50.0 million every six months until September 2021. The swap is designated and accounted for as an effective cash flow hedge, as the notional amount, interest rate and payment dates in the interest rate swap match those of the hedged cash flows. The fair value of the interest rate swap as of December 31, 2016 was approximately $5.0 million and is reported in other assets on the accompanying consolidated balance sheets. The amount recorded in accumulated other comprehensive income as of and for the year ended December 31, 2016 was approximately $5.0 million, net of tax. There were no interest rate derivatives outstanding as of December 31, 2015.