The acquisition will be the company's eighth hotel in the Charlotte area, and is located at 1835 Canterbury Glen Lane, close to the I-77 business corridor and is convenient for the business travellers.

Extended Stay America Rock Hill will provide varied amenities starting from fully-equipped kitchens for guests to prepare their own meals to pet-friendly rooms.

The company is focusing on the expansion of its footprint through acquiring new properties as well selling assets to franchisees. ESA shares have rallied 20.2 per cent in the past six months, outperforming the industry 's growth of 4.1 per cent

The new property underscores Extended Stay America's strategic plan of expansion through acquiring new properties. It is planning to complete the purchase of another hotel during the second quarter and yet another in the third quarter.