XML 99 R49.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Related Party Transactions
12 Months Ended
Dec. 31, 2019
Related Party Transactions [Abstract]  
Related Party Transactions RELATED PARTY TRANSACTIONS
As of December 31, 2019 and 2018, investment funds and affiliates of Paulson & Co. Inc., a member of the Company’s former ownership group, held 7,036 shares of the Corporation’s outstanding mandatorily redeemable preferred stock. During 2017, the Corporation repurchased 14,069 manditorily redeemable preferred shares from investment funds and affiliates of Centerbridge Partners, L.P. and The Blackstone Group L.P., each also members of the Company’s former ownership group, at par value, or $14.1 million.
As of December 31, 2019 and 2018, the outstanding balance owed by ESH REIT to the Corporation under the Unsecured Intercompany Facility was $0. ESH REIT is able to borrow under the Unsecured Intercompany Facility up to $300.0 million, plus additional amounts, in each case, subject to certain conditions. The outstanding debt balance and interest expense owed by ESH REIT to the Corporation related to this facility eliminate in consolidation (see Note 7).
During the year ended December 31, 2017, the Corporation and ESH REIT repurchased and retired 2.0 million Paired Shares from investment funds and affiliates of Paulson & Co. Inc., Centerbridge Partners, L.P. and The Blackstone Group L.P., each members of the Company’s former ownership group, for $21.4 million and $12.2 million, respectively. These Paired Shares were purchased in connection with secondary offerings consummated during the year ended December 31, 2017, and pursuant to, and counted toward, the combined Paired Share repurchase program (see Note 13).