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Subsequent Events
12 Months Ended
Dec. 31, 2016
Entity Information [Line Items]  
Subsequent Events
SUBSEQUENT EVENTS
In December, 2016, the Boards of Directors of Extended Stay America, Inc. and ESH REIT authorized an increase of the combined Paired Share repurchase program from up to $200 million to up to $300 million of Paired Shares and extended the maturity date of the program through December 31, 2017, each effective January 1, 2017.
In February 2017, ESH REIT sought an amendment to its existing 2016 Term Facility from the lenders thereunder (such proposed amendment, the "Repricing Amendment"). The Repricing Amendment, if completed, would have the following impact on the 2016 Term Facility: (i) decrease the interest rate spread on LIBOR based loans from 3.0% to 2.5%; (ii) decrease the interest rate spread on base rate loans from 2.0% to 1.5%; (iii) remove the floor of 0.75% on LIBOR based loans; (iv) remove the floor of 2.0% on base rate loans; (v) remove ranges on interest rate spreads for all loan types that are currently dependent upon ESH REIT’s credit rating; and (vi) extend the 1% prepayment penalty through September 1, 2017 (prepayments made after September 1, 2017 are not subject to a prepayment penalty, other than customary “breakage” costs). ESH REIT expects to complete the Repricing Amendment in early March 2017, subject to the satisfaction of customary closing conditions.
Subsequent to December 31, 2016, the Corporation and ESH REIT repurchased and retired their respective portion of approximately 0.6 million Paired Shares for approximately $6.0 million and $3.7 million, respectively.
On February 28, 2017, the Board of Directors of the Corporation declared a cash distribution of $0.04 per share for the fourth quarter of 2016 on its common stock. This distribution is payable on March 28, 2017 to shareholders of record as of March 14, 2017. Also on February 28, 2017, the Board of Directors of ESH REIT declared a cash distribution of $0.15 per share for the fourth quarter of 2016 on its Class A and Class B common stock. This distribution is also payable on March 28, 2017 to shareholders of record as of March 14, 2017.
ESH REIT [Member]  
Entity Information [Line Items]  
Subsequent Events
SUBSEQUENT EVENTS
In December 2016, the Boards of Directors of Extended Stay America, Inc. and ESH REIT authorized an increase of the combined Paired Share repurchase program from up to $200 million up to $300 million of Paired Shares and extended the maturity date of the program through December 31, 2017, each effective January 1, 2017.
In February 2017, ESH REIT sought an amendment to the 2016 Term Facility from the lenders thereunder (such proposed amendment, the "Repricing Amendment"). The Repricing Amendment, if completed, would have the following impact on the 2016 Term Facility: (i) decrease the interest rate spread on LIBOR based loans from 3.0% to 2.5%; (ii) decrease the interest rate spread on base rate loans from 2.0% to 1.5%; (iii) remove the floor of 0.75% on LIBOR based loans; (iv) remove the floor of 2.0% on base rate loans; (v) remove ranges on interest rate spreads for all loan types that are currently dependent upon ESH REIT’s credit rating; and (vi) extend the 1% prepayment penalty through September 1, 2017 (prepayments made after September 1, 2017 are not subject to a prepayment penalty, other than customary “breakage” costs). ESH REIT expects to complete the Repricing Amendment in early March 2017, subject to the satisfaction of customary closing conditions.
Subsequent to December 31, 2016, ESH REIT repurchased and retired its respective portion of approximately 0.6 million ESH REIT Class B common shares for approximately $3.7 million.
On February 28, 2017, the Board of Directors of ESH REIT declared a cash distribution of $0.15 per share for the fourth quarter of 2016 on its Class A and Class B common stock. The distribution is payable on March 28, 2017 to shareholders of record as of March 14, 2017.