Vishnu Rageev R is a journalist with more than 15 years of experience in business journalism. Before joining Asian Media Group in 2022, he worked with BW Businessworld, IMAGES Group, exchange4media Group, DC Books, and Dhanam Publications in India. His coverage includes industry analysis, market trends and corporate developments, focusing on retail, real estate and hospitality. As a senior journalist with Asian Hospitality, he covers the U.S. hospitality industry. He is from Kerala, a state in South India.
WAYSIDE INVESTMENT GROUP has announced plans to acquire two Extended Stay America suites properties in Dallas. The transaction, involving a 118-unit hotel and a 150-unit hotel in Irving, is expected to close by the end of July, Wayside said in a statement.
"These acquisitions provide Wayside Investment Group with excellent opportunities to enter the thriving hotel market in Dallas," said Miraj Patel, Wayside president. "We are excited to collaborate with Extended Stay America once again as our company expands in the extended stay sector. The DFW metroplex experiences high lodging demand from both business and leisure travelers, offering hotel owners exceptional return on investment."
According to the statement, Houston-based Wayside presently owns and operates 13 hotels primarily in Gulf Coast cities of south Texas. Furthermore, the company is set to open a 90-unit extended stay hotel in Houston next month, with two additional extended stay properties currently in development.
“We appreciate our long and valued relationship with Wayside Investment Group,” said Greg Juceam, ESA president and CEO. “Wayside’s industry expertise, combined with the strength of the Extended Stay America brand, creates a powerful platform for driving long-term success. We look forward to continuing our productive and successful work with Miraj and his team.”
“Right now, there are more hotel deals available than there are people who want to make them,” Patel added. “At Wayside, we seek out interesting acquisition opportunities where we can add asset value by renovating and re-positioning a property.”
Sonesta launched Americas Best Value Studios, an extended-stay version of ABVI.
The model targets owners seeking limited front desk and housekeeping.
The brand meets demand for longer-term, value-focused stays.
SONESTA INTERNATIONAL HOTELS Corp. launched Americas Best Value Studios by Sonesta, an extended-stay version of its franchised brand, Americas Best Value Inn. The model targets owners seeking limited front desk and housekeeping, optional fitness center and lobby market along with standard brand requirements.
The brand aims to address the growing demand for longer-term, value-driven accommodations, Sonesta said in a statement.
"Americas Best Value Studios by Sonesta represents a strategic evolution of our trusted Americas Best Value Inn brand," Keith Pierce, Sonesta’s executive vice president and president of franchise development, said. "We are expanding our offerings to directly address the increasing demand within the extended-stay segment, providing a practical solution for travelers seeking longer-term lodging at value. This new brand type allows our local franchised owner-operators to tap into a growing market while maintaining the community-focused experience that Americas Best Value Inn is known for."
ABVI has a majority presence in secondary and tertiary markets, the statement said.
The extended-stay brand’s operational model features a front desk, bi-weekly housekeeping, on-site laundry and pet-friendly accommodations, Sonesta said. Guests can also earn or redeem points through the Sonesta Travel Pass loyalty program.
In August, Sonesta named Stayntouch its preferred property management system after a two-year review of its ability to support the company’s franchise model. The company operates more than 1,100 properties with more than 100,000 rooms across 13 brands on three continents.
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