WoodSpring Suites Achieves Record-Setting Development Growth Since Choice Hotels Acquisition
ROCKVILLE, Md. - May 31, 2018 // PRNewswire // - The WoodSpring Suites brand is strengthening its position in the extended-stay segment even more since joining the Choice Hotels family of brands on February 1, 2018. In total, 33 new WoodSpring Suites franchise agreements were awarded in the first quarter, the highest level of quarterly activity in the brand's history, including 31 since the acquisition.
"Developers have embraced the WoodSpring Suites brand. The acquisition by Choice Hotels and all of the resources that they bring to the table furthers interest in the brand, and resulted in our record-setting first quarter, including 19 franchise agreements with the brand's largest developer," said Ron Burgett, vice president, WoodSpring Suites development, Choice Hotels. "The extended-stay segment is on fire, and the WoodSpring Suites brand continues to be a leader in the category."
The WoodSpring Suites brand outpaced the extended-stay segment with an impressive RevPAR increase of 13.5 percent compared to the same period of the prior year. A total of 17 hotel openings and more than 50 groundbreakings are planned for 2018, including the first-ever property in Oregon state. Four WoodSpring Suites hotels opened in the first quarter, all of which were in top tier markets:
- WoodSpring Suites Chicago - Tinley Park is in Tinley Park, Ill., located 16 miles from Chicago Midway International Airport and a short ride from Downtown Chicago museums, ball parks and other tourist attractions.
- WoodSpring Suites Detroit - Rochester Hills is located between Detroit and Pontiac, Mich., just minutes from three area hospitals and only two miles from Volkswagen Group of America.
- WoodSpring Suites Providence, is two miles from downtown Providence, R.I. and is near the State House, Brown University and Quonset Point Naval Air Station.
- WoodSpring Suites Seattle-Redmond, is located near the Microsoft Millennium Campus in Redmond, Wash., just 16 miles from Seattle.
The WoodSpring Suites brand expects to surpass and celebrate 250 open hotels this year.
"There have been many significant accomplishments for the WoodSpring Suites brand in the first 90 days since welcoming the brand to the Choice family," said Ralph Thiergart, vice president and general manager, extended-stay brands, Choice Hotels. "WoodSpring Suites owners have expressed excitement for being a part of Choice to help them grow, which includes our world-class franchise-development team, distribution channels, and technology platform. In fact, we have leveraged best practices, talent, and operations from the WoodSpring Suites brand's successful model to benefit our entire portfolio of more than 350 extended-stay properties, which includes the brands MainStay Suites and Suburban."
The MainStay Suites and Suburban Extended Stay hotel brands also experienced record growth in the first quarter of 2018. Choice awarded 13 franchise agreements combined for the MainStay Suites and Suburban brands. Additionally, the MainStay Suites brand experienced an 11.4 percent increase in RevPAR as compared to the same period of the prior year.
About WoodSpring Suites®
WoodSpring Suites is the nation's fastest growing economy extended-stay hotel brand. Franchised by Choice Hotels, these properties have 122 all-suite rooms and are purpose-built for longer visits. There are more than 240 WoodSpring Suites hotels in over 35 states. All are new construction, with the average hotel being built in the last seven years. For more information, visit www.woodspringfranchise.com.
About Choice Hotels
Choice Hotels International, Inc. (NYSE: CHH) is one of the world's largest hotel companies. With over 6,800 hotels franchised in more than 40 countries and territories, Choice Hotels International represents more than 550,000 rooms around the globe and as of March 31, 2018, there are more than 900 hotels in our development pipeline. Our company's Ascend Hotel Collection®, Cambria® Hotels, Comfort®, Sleep Inn®, Quality®, Clarion®, MainStay Suites®, Suburban Extended Stay Hotel®, WoodSpring Suites®, Econo Lodge®, Rodeway Inn®, and Vacation Rentals by Choice Hotels® brands provide a spectrum of lodging choices to meet guests' needs. With more than 36 million members, our Choice Privileges® rewards program enhances every trip a guest takes, with benefits ranging from every day rewards to exceptional experiences, starting right when they join. All hotels and vacation rentals are independently owned and operated. Visit us at www.choicehotels.com for more information.
Note on forward-looking statement: This communication includes "forward-looking statements" about future events, including anticipated hotel openings. Such statements are subject to numerous risks and uncertainties, including construction delays, availability and cost of financing and the other "Risk Factors" described in our Annual Report on Form 10-K, any of which could cause actual results to be materially different from our expectations.
© 2018 Choice Hotels International, Inc. All rights reserved.
SOURCE Choice Hotels International, Inc.
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