This is the second hotel the publicly traded company has built in Massachusetts. Two more are under construction--an Extended Stay in Tewksbury, MA and a StudioPlus-brand hotel in Westborough, MA. Now operating 393 properties in 38 states, Extended Stay ranked last year on the Forbes magazine list of the 100 fastest-growing companies in the United States. It also operates the Crossland Economy Studios-brand of hotels.
The company reported it opened 30 properties during the year ended Dec. 31 at a total cost of about $256 million or an average of $8.3 million per hotel.
Those costs compare to the $320 million the company spent in 1999 to acquire land, develop and furnish 80 properties or an average $4 million each. In 1998, the company developed 171 properties at a total cost of $630 million or $3.7 million each. It spent $607 million, or an average of $3.1 million each, to develop 194 sites in 1997.
Founded in 1995, the company amassed total long-term debt of $917 million by the end of Sept. 30, the most fully reported fiscal statement available. That compared to total long-term debt of $815 million reported at the end of the same period the prior year.
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