IN ITS SECOND acquisition this year, Cobblestone Hotels has acquired Boulders Inn & Suites. In August the company acquired acquired Key West Inns/ Hotels/Resorts and Centerstone Inns/Hotels/Plaza Hotels, the primary assets of Vimana Franchise Systems.
The Boulders Inn acquisition brings Cobblestone’s portfolio to 130 hotels in 27 states. The Boulders brand, launched in 2008 in Denison, Iowa, has 15 open locations and another under construction. The brand will continue development in Iowa and Missouri. The cost of the acquisition was not made public.
The two companies had been working on the deal for about a year, said Cobblestone CEO and founder Brian Wogernese.
“Partnering with the Boulders Inn & Suites group made the perfect sense for us, and will strengthen our presence, as a brand, not only in the Midwest but the country as a whole,” Wogernese said.
Cobblestone Hotels’ now has six brands, including Cobblestone Hotel & Suites, Cobblestone Inn & Suites and Boarders Inn & Suites by Cobblestone Hotels along with the new acquisitions.
Centerstone is a full-service, upper-midscale segment brand with meeting space. Boarders Inn & Suites by Cobblestone is a limited-service upper-midscale conversion brand. Cobblestone will continue to keep its upper-midscale namesake brand a company-owned new-construction product.
Cobblestone already has exceeded Wogernese’s goal of opening 100 new properties by the end of 2018.
Up until now, Cobblestone has been focused on developing corporate-owned, new-build properties, growing at a rate of eight to 12 new hotels a year, said Patrick Mullinix, Cobblestone’s president of franchise development. The recent acquisitions are an opportunity to accelerate its growth strategy.
Mullinix also oversaw expansion at Red Lion Hotels Corp. as senior vice president of franchise after its merger with Vantage Hospitality Group, where he had overseen franchise development of Americas Best Value Inn and other brands.