Extended Stay America, Inc., a Charlotte-based hospitality company, sold 14 of its hotels to Singerman Real Estate LLC, a Chicago-based real estate investment firm, for an undisclosed amount.

The 14 existing hotels are located in Ohio, Georgia and Illinois.

Additionally, Singerman Real Estate has committed to build or convert seven additional Extended Stay America hotels in the future.

In June 2016, Extended Stay America launched a strategy to accelerate franchise growth called “ESA 2.0.” Since then, the company has sold 77 hotels. seventy-one of these disposed hotels retained long-term franchise or management agreements.

Chief Executive Officer Jonathan Halkyard commented, “We approach the halfway point of our targeted 150 refranchised hotels as part of our ESA 2.0 strategy with significant momentum, and we look forward to discussing additional portfolio sales in the future.”

Singerman Real Estate President Seth Singerman said, “We are thrilled to acquire the initial portfolio and grow it over time with Extended Stay America as they have a dominant market position in one of the most attractive segments of the entire lodging sector. ”

Extended Stay’s stock fell 21 cents to $18.14 on Thursday.