Blackstone Inc. — Director's Dealing 2014

Dec 24, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ESH Hospitality, Inc. (NONE)
CIK: 0001507563
Period of Report: 2014-12-22

Reporting Person: Blackstone Real Estate Associates VI-ESH L.P. (10% Owner)
Reporting Person: BREA VI-ESH L.L.C. (10% Owner)
Reporting Person: Blackstone Holdings III L.P. (10% Owner)
Reporting Person: Blackstone Holdings III GP L.P. (10% Owner)
Reporting Person: Blackstone Holdings III GP Management L.L.C. (10% Owner)
Reporting Person: Blackstone Group L.P. (10% Owner)
Reporting Person: Blackstone Group Management L.L.C. (10% Owner)
Reporting Person: SCHWARZMAN STEPHEN A (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-12-22	Paired Shares	J	13130	—	Disposed	8730732	Indirect
2014-12-22	Paired Shares	J	13452	—	Disposed	8846409	Indirect
2014-12-22	Paired Shares	J	229	—	Disposed	2950447	Indirect
2014-12-22	Paired Shares	J	89	—	Disposed	59495	Indirect
2014-12-22	Paired Shares	J	13962	—	Disposed	9202360	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Paired Shares	5615178	Indirect
Paired Shares	12070866	Indirect

Footnotes

F1: Each Paired Share is comprised of one share of common stock, par value $0.01 per share, of Extended Stay America, Inc. and one share of Class B Common Stock, par value $0.01 per share, of ESH Hospitality, Inc., which shares are paired and traded as a single unit. A Form 4 reflecting the holdings of Paired Shares by the Reporting Persons shown on this Form 4 has been concurrently filed with respect to Extended Stay America, Inc. as issuer.

F2: Represents a distribution of Paired Shares previously held directly by Blackstone Real Estate Partners VI.A-ESH L.P., Blackstone Real Estate Partners VI.B-ESH L.P., Blackstone Real Estate Partners VI.C-ESH L.P., Blackstone Real Estate Partners (AIV) VI-ESH L.P. and Blackstone Real Estate Partners VI.F-ESH L.P. (collectively, the "Partnerships"), as applicable, to members of BREA VI-ESH L.L.C. in respect of their indirect interests in such Partnerships. Each Partnership distributed the shares reported in this Form 4 to Blackstone Real Estate Associates VI-ESH L.P., its general partner, who distributed such shares to BREA VI-ESH L.L.C., its general partner, who distributed such shares to Stephen A. Schwarzman and other members. The shares distributed to Mr. Schwarzman were beneficially owned indirectly by him prior to such distribution.

F3: These Paired Shares are directly held by Blackstone Real Estate Partners VI.A-ESH L.P.

F4: These Paired Shares are directly held by Blackstone Real Estate Partners VI.B-ESH L.P.

F5: These Paired Shares are directly held by Blackstone Real Estate Partners VI.C-ESH L.P.

F6: These Paired Shares are directly held by Blackstone Real Estate Partners (AIV) VI-ESH L.P.

F7: These Paired Shares are directly held by Blackstone Real Estate Partners VI.F-ESH L.P.

F8: These Paired Shares are directly held by Blackstone Real Estate Partners VI.TE.1-ESH L.P.

F9: These Paired Shares are directly held by Blackstone Real Estate Partners VI.TE.2-ESH L.P.

F10: The general partner of each of the Partnerships, Blackstone Real Estate Partners VI.TE.1-ESH L.P. and Blackstone Real Estate Partners VI.TE.2-ESH L.P. is Blackstone Real Estate Associates VI-ESH L.P. The general partner of Blackstone Real Estate Associates VI-ESH L.P. is BREA VI-ESH L.L.C. The managing member of BREA VI-ESH L.L.C. is Blackstone Holdings III L.P. The general partner of Blackstone Holdings III L.P. is Blackstone Holdings III GP L.P. The general partner of Blackstone Holdings III GP L.P. is Blackstone Holdings III GP Management L.L.C. The managing member of Blackstone Holdings III GP L.L.C. is The Blackstone Group L.P. The general partner of The Blackstone Group L.P. is Blackstone Group Management L.L.C. Blackstone Group Management L.L.C. is wholly-owned by Blackstone's senior managing directors and controlled by its founder, Stephen A. Schwarzman.

F11: Each of such Blackstone entities (other than the Partnerships, Blackstone Real Estate Partners VI.TE.1-ESH L.P. and Blackstone Real Estate Partners VI.TE.2-ESH L.P. to the extent of their direct holdings) and Mr. Schwarzman may be deemed to beneficially own the Paired Shares beneficially owned by the Partnerships, Blackstone Real Estate Partners VI.TE.1-ESH L.P. and Blackstone Real Estate Partners VI.TE.2-ESH L.P. directly or indirectly controlled by it or him, but each disclaims beneficial ownership of such securities, except to the extent of such Reporting Person's pecuniary interest therein. The filing of this statement shall not be deemed to be an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise, the Reporting Persons are the beneficial owners of any securities reported herein.

F12: Due to the limitations of the Securities and Exchange Commission's EDGAR system, certain Reporting Persons have filed a separate Form 4.