SPARTANBURG, SC— Extended Stay America, Inc. reported results of its operations for the three months ended March 31, showing net income was $5.1 million or $0.05 per diluted share, against $0.12 per diluted share in the year-ago period, which included the 2002 Winter Olympics and a change in estimated annual effective income tax rate. ESA opened two Efficiency Studios during the quarter resulting in a total of 457 operating hotels, with 18 Efficiency Studios under construction as of March 31. Twenty hotels opened or under construction in first quarter have total estimated development costs of approximately $163 million. ESA expects to open 17 hotels by year’s end and one hotel in first-quarter 2004.
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