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Extended Stay America, Inc. (The “Corporation”) and ESH Hospitality, Inc

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Extended Stay America, Inc. (The “Corporation”) and ESH Hospitality, Inc building a better future June 2017 esa.com disclosure important information The information in this presentation is current only as of its date and may have changed. This presentation contains certain financial projections and forecasts and other forward looking information concerning our business, strategies, prospects, financial condition and results of operations, and we are not making any representation or warranty that this information is accurate or complete. See “Forward-Looking Information” below. Nothing in this presentation shall be deemed to update or confirm prior guidance. Unless otherwise indicated or the context requires, the terms “Company,” Extended Stay,” “Extended Stay America,” “STAY,” “ESA,” “we,” “our” and “us” refer to Extended Stay America, Inc. (the “Corporation”) and ESH Hospitality, Inc. (the “REIT”) and their subsidiaries considered as a single enterprise. FORWARD-LOOKING INFORMATION This presentation contains forward-looking statements within the meaning of the federal securities laws. Statements herein regarding our plans, objectives, goals, beliefs, business strategies, future events, business trends, future financial performance, outlook, expected performance, ongoing hotel reinvestment program, future hotel development and renovation programs, anticipated benefits or use of proceeds from any dispositions or franchising activity, future capital expenditures, free cash flow, distribution policies, ability to meet our debt service obligations and debt reduction include forward- looking statements. When used in this presentation, the words “believe,” “expect,” “target,” “anticipate,” “intend,” “estimate,” “will,” “look forward to” and variations of such words or similar expressions are intended to identify forward-looking statements. The forward-looking statements are not historical facts, and are based upon our current expectations, beliefs, estimates and projections, and various assumptions regarding our business, the lodging industry and the extended stay segment of the lodging industry, the economy and other future conditions, many of which, by their nature, are inherently uncertain and beyond our control. Our expectations, beliefs, estimates and projections are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs, estimates and projections will be realized or, even if substantially realized, will have the expected consequences to, or effects on, the Company, its business or operations. For a description of factors that may cause the Company’s actual results or performance to differ from future results or performance implied by forward-looking statements, please review the information under the headings “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” included in the Company’s combined annual report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 28, 2017 and other documents of the Company on file with or furnished to the SEC. Any forward-looking statements made in this presentation are qualified by these cautionary statements. Any forward-looking statement speaks only as of the date hereof and except as required by law, the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. We caution you that actual results may differ materially from what is expressed, implied or forecasted by the Company’s forward-looking statements. NON-GAAP FINANCIAL MEASURES Adjusted EBITDA, Hotel Operating Profit and Hotel Operating Margin, which are detailed in the reconciliation tables that accompany this presentation, are used by the Company as supplemental performance measures. The Company believes these financial measures, including those provided on a Comparable Hotel basis, provide useful information to investors regarding our results of operations and allow investors to evaluate the ongoing operating performance of our hotels and facilitate comparisons between the Company and other lodging companies, hotel owners and capital- intensive companies. Adjusted EBITDA, Hotel Operating Profit and Hotel Operating Margin are not recognized terms under U.S. GAAP. Adjusted EBITDA, Hotel Operating Profit and Hotel Operating Margin as presented may not be comparable to measures calculated by other companies. These measures should not be considered as alternative measures of operating profit or cash flow provided by operating activities calculated in accordance with U.S. GAAP. The Company’s presentation of Adjusted EBITDA, Hotel Operating Profit and Hotel Operating Margin does not replace the presentation of the Company’s consolidated financial results prepared in accordance with U.S. GAAP. INDUSTRY INFORMATION The information in this presentation regarding the lodging industry and the extended stay segment of the lodging industry, including trends and our position and the position of our competitors, is based on a variety of outside sources and our good faith estimates, which have been derived from management’s knowledge and experience in the areas in which our business operates. We have not verified the accuracy or completeness of the information or any assumptions underlying the information. While such information is believed to be reliable for the purposes used herein, no representations are made as to the accuracy or completeness thereof and we take no responsibility for such information. We caution you not to place undue weight on the industry and market information included in this presentation. Unless otherwise indicated or the context requires, the term “industry” refers to the lodging industry and the terms “segment” or “market” refer to the extended stay segment of the lodging industry. esa.com WHO WE ARE esa.com Extended Stay America overview » the largest lodging REIT in North America by unit & room count with over 620 hotels & 69,000 rooms » manage all owned properties through a tax efficient paired share structure » focus on economy/midscale chain-scale with suburban locations Extended Stay America hotel features fully equipped kitchens free grab-and-go breakfast free in-room wi-fi on-site laundry facilities pet-friendly rooms available our guests typically stay two weeks or longer esa.com 1 why customers choose ESA Extended Stay America’s customers are typically working on projects or are in transition: corporate clients, small business travelers and those on personal stays primary reason why people choose ESA our customers other price/value personal business kitchen location revenue mix by length of stay ESA demographics medium term gender 52% male, 48% female (7-29 nts) short term (1-6 nts) HHI ~$75,000 long term kitchen 84% of guests use the kitchen during their stay (30 or more nts) esa.com 2 our national scale and great locations are good for guests Brand Parent number of rooms by mid-priced extended stay hotel1 69,383 2x 34,192 Candlewood Suites 30,252 Townplace Suites 13,032 Home2 10,959 Hawthorn Suites 4,108 MainStay Suites 2,784 other various 1 Mid-Priced extended stay as defined by The Highland Group; # of rooms as of latest SEC filings for each corporation as of 3/1/2017 esa.com 3 our national scale and great locations » provides geographic diversity for investors » locations have limited exposure to gateway cities, foreign travel and FX effects 33% of hotel operating profit1 36% of hotel operating profit1 esa.com 1 Hotel Operating Profit of ESA for the year ended 12/31/2016. 4 our guests’ self sufficiency and long stays create high operating margins Operating TTM rev mix1 Avg. nightly rate1 margin 1 55% 1-4 nights 30% $75 52% 5-29 nights 28% $72 58% Extended 35% 30+ nights 42% $59 54% Stay overall America1 industry3 hotel operating margin » longer average length of stay drives higher occupancy (74% vs 66% industry average2) » plus weekly housekeeping and limited employees/services » translates to high operating margins 1 Based on TTM results for ESA as of 12/31/16. Allocates fixed expenses evenly to all occupied rooms. See Appendix for Hotel Operating Margin reconciliation 2 Source: 2016 results for ESA and Smith Travel Research (“STR”) 3 Source: STR 2016 HOST Study; industry margins adjusted to exclude franchise and management fees esa.com 5 the last five years: established a foundation » streamlined to one brand, over 620 owned/operated hotels » renovated entire portfolio1 » consistent RevPAR and EBITDA2 growth » tools & operating disciplines that enable growth • corporate sales team • revenue management • loyalty program • lean operations – “Kai ESA” 1 All hotels to be renovated by May 2017 2 See Appendix for EBITDA reconciliation esa.com 6 PERFORMANCE AND $ VALUATION % esa.com demonstrated track record of strong performance1 revenue per available room (“RevPAR”) capital returns to paired adjusted funds from operations3 2 (in millions) shareholders (“AFFO”) (in millions) $49.23 $45.89 $359 $340 $339 $43.02 $299 $40.18 $263 $36.46 $168 $135 $108 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 3 hotel operating margin adjusted EBITDA3 (in millions) 55.1% 53.7% 52.5% $603 $616 50.8% 51.7% $557 $519 $435 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 3ESA sold 53 hotels in December of 2015, which reduced adjusted EBITDA/AFFO, but increased RevPAR and Hotel Operating Margin 2Includes dividends and Paired Share repurchases 3See Appendix for Hotel Operating Margin, AFFO and Adjusted EBITDA reconciliations.
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