Extended Stay America plans to offer 28.25 million shares priced between $18 and $21 in its initial public offering,

according to a document filed Thursday with the U.S. Securities and Exchange Commission. ESA projects it will raise more than $500 million net cash from the IPO, well above the $100 million estimate when it first filed in July. ESA, which owns and operates 682 hotels, currently is owned by a partnership consisting of the Blackstone Group and two investment firms.