Extended Stay issued the $350million, floating-rate component of its $2.5 billion single borrower CMBS deal this week at pricing spreads that fell within guidance.

The floating-rate notes structured under component A have an initial term of 2-years and fully extended to 5-years. The deal is managed by JP Morgan, Deutsche Bank and Citigroup. Fitch Ratings, Standard & Poor's and Moody's Investors Service assigned preliminary ratings to the deal.

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