Tarsadia comments on Blackstone and Starwood’s updated offer to acquire Extended Stay America

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NEW YORK–(BUSINESS WIRE) – Tarsadia Capital, LLC, together with its affiliates, partners and funds it manages (“Tarsadia”), today commented on the updated offer from Blackstone Real Estate Partners and Starwood Capital Group to acquire Extended Stay America, Inc. (NASDAQ: STAY) (“STAY” or the “Company”). Tarsadia continues to urge shareholders to vote against the proposed sale (the “Sale”) of the GOLD card at the Special Meeting scheduled for June 8, 2021.

Tarsadia issued the following statement:

“A $ 1 price hike is a small band-aid that cannot cure a fatally flawed process. The updated offer announced today, which is only a 5% increase from the previous price, is nothing more than an attempt to block a deal that still significantly undervalues ​​the company and which is the result of a process that was not designed to get the highest bid. for STAY or create competition for Blackstone and Starwood. Notably, the two major independent proxy advisory firms, Institutional Shareholder Services Inc. and Glass, Lewis & Co., LLC, in their reports recommending that shareholders vote against the sale, concluded that there were serious flaws in the sale. the sales process, valuation and timing of the transaction. . We continue to urge shareholders to vote against the sale.

Tarsadia urges STAY shareholders to vote AGAINST sale of GOLD card

For more information on why now is not the right time and the wrong price to sell STAY, please visit: www.ABetterFutureForStay.com.

About Tarsadia Capital

Tarsadia Capital, LLC is a New York-based family office investment management firm. Tarsadia Capital has a flexible, long-term investment mandate that focuses on equities and commodities on a global scale. Our investment process uses in-depth fundamental research into secular shifts to identify and strengthen conviction around asymmetric risk / reward opportunities that will play out over multi-year time horizons.

Warning

Tarsadia Capital, LLC (“Tarsadia”), Ravi Bellur, Michael Ching, Vikram Patel, Ross H. Bierkan, Stephen P. Joyce and Michael A. Leven (collectively, the “Participants”) have filed with the Securities and Exchange Commission (the “SEC”) a definitive proxy statement and accompanying form of proxy as well as a supplement to the final proxy statement for use in connection with the solicitation of proxies from the shareholders of the Company for the extraordinary meeting. All shareholders of the Company are advised to read the final proxy statement and other documents relating to the solicitation of proxies by Participants, as they contain important information, including additional information relating to Participants. The definitive proxy statement and an accompanying GOLD proxy card will be provided to some or all of the Company’s shareholders and will, along with other relevant materials, be available free of charge on Tarsadia’s campaign website at ‘address : www.ABetterFutureForStay.com and the SEC website at http://www.sec.gov/.

Information about the Participants and a description of their direct or indirect interests through the holdings of securities can be found in the definitive proxy circular filed by certain of the Participants with the SEC on May 7, 2021 and in the supplement to the proxy circular. of final proxies filed by Participants with the SEC on May 7, 2021. the SEC on May 25, 2021. Each of these documents is available free of charge on the SEC’s website.

This material does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in any form to anyone. Further, the discussions and opinions contained in this letter and the materials it contains are for general information only and are not intended to provide investment advice. All statements contained in this letter which are not clearly historical in nature or which necessarily depend on future events are “forward-looking statements”, which are not guarantees of future performance or results, and the words “anticipate”, “Believe”, “expect”, “potential”, “could”, “opportunity”, “estimate” and similar expressions are generally intended to identify forward-looking statements.

The projected results and statements contained in this letter and the material contained therein that are not historical facts are based on current expectations, speak only as of the date of this letter, and involve risks that may result in significantly different actual results. Certain information contained in this document is based on data obtained from sources believed to be reliable. No representation is made with respect to the accuracy or completeness of this data, and any analysis provided to assist the recipient of this material in assessing the matters described herein may be based on subjective assessments and assumptions and may use one of other methodologies that produce different results. Accordingly, any analysis should not be taken as factual either, nor should it be taken as an accurate prediction of future results.

All figures are unaudited estimates and subject to revision without notice. Tarsadia Capital disclaims any obligation to update the information contained in this document and reserves the right to modify any of its opinions expressed here at any time, if it deems it appropriate. Past performance does not represent future results. Tarsadia Capital has neither requested nor obtained the consent of any third party to use any statements or information contained herein that have been obtained or derived from statements made or published by such third parties. Unless expressly stated otherwise herein, such statements or information should not be taken as indicating the support of such third parties for the opinions expressed herein.



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