After hosting a series of investor meetings with Extended Stay America CFO Brian Nicholson and VP or IR Rob Ballew, Deutsche Bank analyst Chris Woronka says he came away convinced that the company is better positioned to execute on key pillars of the ESA 2.0 plan now that the formal strategic review process has ended. Woronka tells investors in a research note that he sees a clear path for the company to bolster shareholder value from here, with opportunistic buybacks being a key part of that, and says he isn't ruling out that the company could revisit a potential OpCo/PropCo style spin someday. The analyst maintains a Buy rating.