CHOICE HOTELS INTERNATIONAL will develop 27 new WoodSpring Suites hotels throughout Michigan and North Carolina as well as Jacksonville, Florida, and Nashville, Tennessee. The new contract is part of the brand’s continued strong performance for Choice since it purchased it last February.
The new WoodSpring hotels will be developed with Concord Hospitality subsidiary CHECO Purchase Company under a newly formed company, Common Oaks Lodging. The brand now has more than 100 hotels in the pipeline, with nearly 250 open and 35 hotels expected to open in 2019. Choice awarded 75 new WoodSpring Suites franchise agreements in 2018 and opened 14 hotels in large markets across the U.S., including in Chicago, Illinois; Seattle, Washington; and Atlanta, Georgia.
“WoodSpring Suites isn’t just the fastest-growing economy extended-stay brand, it’s the fastest-growing hotel brand in the overall economy segment,” said WoodSpring Vice President Ron Burgett. “We expect to build upon the success of our record-setting growth in 2018, and look forward to the acceleration of the WoodSpring Suites brand expansion with this agreement and bring more extended-stay accommodations to travelers across the U.S.”
Choice acquired the economy-segmented extended-stay company from Lindsay Goldberg on last February, and two months later added 31 franchise agreements. Business derived from WoodSpring Suites helped boost the franchiser’s overall earnings in the first quarter of last year, with RevPAR and the pro-rated royalty rate for WoodSpring increasing 13.5 percent and 42 basis points, respectively, for the first quarter, compared to the same period of the prior year.
“Choice anticipated that acquiring this all-new-construction, economy extended-stay brand would be a smart investment, and guests and developers agree,” said Ralph Thiergart, Choice’s vice president and general manager for extended stay brands. “The WoodSpring Suites brand has reenergized Choice’s entire extended-stay portfolio, including the MainStay Suites and Suburban brands, which have also experienced record growth years.”