WoodSpring Suites Executed 46 Franchise Agreements in First Half of 2018
August 23, 2018 12:03pm
ROCKVILLE, Md., Aug. 23, 2018 -- WoodSpring Suites is on pace to significantly exceed the brand's previous record for the number of new franchise agreements awarded in a single year. Through the first half of the year, the brand, which is franchised by Choice Hotels International, Inc. (NYSE: CHH), executed 46 franchise agreements, all but two of which took place after being acquired by Choice on February 1. WoodSpring now boasts more than 340 hotels open or in the pipeline.
"Since the acquisition, developer interest in the WoodSpring Suites brand has grown tremendously. With demand continuing to increase for longer-term stays, coupled with the host of resources Choice Hotels provides, the brand is an attractive option for growth-minded owners," said Ron Burgett, vice president, WoodSpring Suites development, Choice Hotels. "The WoodSpring prototype and business model resonates with developers and guests, and we expect to build upon this success with continued development in every region of the country."
Recently executed agreements are located in several key U.S. markets, including:
In addition to WoodSpring Suites' development pace, Choice's midscale extended-stay hotel brand, MainStay Suites, is also growing rapidly. In the first half of the year, MainStay franchise agreements increased 27 percent over the same period of 2017.
"Since the WoodSpring acquisition, there has been renewed interest in our entire extended-stay portfolio, including MainStay Suites and Suburban Extended Stay," said Ralph Thiergart, vice president and general manager, extended stay brands, Choice Hotels. "Our recent growth cements Choice's position as a leader in extended stay—which remains one of the most sought-after segments for hotel development."
To learn more about WoodSpring Suites visit www.woodspring.com/ourbrand/.
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WoodSpring Suites is the nation's fastest-growing economy extended-stay hotel brand. Franchised by Choice Hotels, these properties typically feature 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.
Choice Hotels International, Inc. (NYSE: CHH) is one of the largest and most successful lodging franchisors in the world. With more than 6,800 hotels, representing more than 550,000 rooms, in over 40 countries and territories as of June 30, 2018, the Choice® family of hotel brands provide business and leisure travelers with a range of high-quality lodging options from limited service to full-service hotels in the upscale, midscale, extended-stay and economy segments. The award-winning Choice Privileges® loyalty program, offers members benefits ranging from everyday rewards to exceptional experiences. For more information, visit www.choicehotels.com.
Contact: Alannah Don
This communication includes "forward-looking statements" about future events, including anticipated expenditures on brand development and 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.
This is not an offering. No offer or sale of a franchise will be made except by a Franchise Disclosure Document first filed and registered with applicable state authorities. A copy of the Franchise Disclosure Document can be obtained through contacting Choice Hotels International at 1 Choice Hotels Circle, Suite 400, Rockville, MD 20850, firstname.lastname@example.org.
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