Extended Stay higher after IPO

Blackstone's (BX +1.9%) Extended Stay America (STAY) is up 16.7% to $23.34 in early trades after pricing its 28.25M share IPO at $20 each.

Extended Stay is one of a growing number of real estate-related investments Blackstone is cashing in some chips on.

Earlier coverage.

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Comments (1)
  • Seth Walters
    , contributor
    Comments (675) | Send Message
    Of course they are dumping real estate assets into this market. They are well aware that the real estate market is propped up by Fed liquidity, both by depressing the mortgage rate and by making liquidity for purchases more available. Real estate will suffer a double whammy because of this when the taper happens.
    13 Nov 2013, 12:59 PM Reply Like
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