Extended Stay plans to issue a $2.5 billion single-borrower CMBS deal that is being managed by JP Morgan, Deutsche Bank and Citigroup. The deal, Extended Stay America Trust 2013-ESH Commercial Mortgage Pass-Through Certificates, Series 2013-ESH, represent the beneficial interest in the mortgage loan securing 680 owned and ground-leased hotels; all furniture, fixtures, and equipment (FF&E); operating assets; and agreements securing all intellectual property. The securitization deal refinances the $2.6 billion Extended Stay America Trust 2010-ESH, which came to market in 2010. Although the deal doesn't mature until November 2015, the low interest rate environment and strong investor demand is likely to have motivated the issuer to seek refinancing sooner. Fitch Ratings, Standard & Poor's and Moody's Investors Service assigned preliminary ratings to the long anticipated Extended Stay single-borrower CMBS deal.