During the third quarter, Choice Hotels International, Inc. (NYSE: CHH ) signed an agreement with Noble Investment Group (Noble) to develop nine WoodSpring Suites hotels in Georgia and South Carolina over the next two years, signaling increased institutional interest in the largest economy extended-stay brand in the market.
"When we acquired WoodSpring Suites four years ago, few other hotel brands were competing in the extended stay segment in a meaningful way. Choice Hotels not only breathed new life into this category innovating new ways to deliver exceptional value to extended stay developers and longer-term guests but successfully demonstrated our ability to take the industry's largest economy extended stay brand to even greater heights," said David Pepper, chief development officer, Choice Hotels. "Our continued work with institutional investors like Noble is a key component of this success. We look forward to bringing our best-in-class extended stay offerings to more and more markets nationwide, so travelers everywhere can make the most of their time on the road, whether they stay for a week, a month, or longer."
WoodSpring Suites hotels are purpose-built for the unique needs of extended stay travelers, offering suites with in-room kitchens and full-size refrigerators in addition to amenities like guest laundry rooms, vending facilities, and complimentary Wi-Fi. Signature locations may also feature additional amenities, such as fitness centers and lobby coffee service.
Noble is an industry-leading real estate investment manager specializing in select-service and extended-stay travel and hospitality with over $5 billion in assets.
"Noble continues to add substantial scale to our extended-stay travel and hospitality platform," said Ben Brunt, Noble's chief investment officer. "WoodSpring Suites has an outstanding track record of high performance across economic cycles, and we are pleased to welcome these new investments into our portfolio."
Choice Hotels has franchised in the extended-stay segment since its infancy, currently featuring WoodSpring Suites and the newly refreshed Suburban Studios brands in economy extended stay as well as MainStay Suites and Everhome Suites in midscale extended stay. A leader in the segment, Choice has enhanced the extended-stay operating model to help maximize developers' return on investment and offers best-in-class design, industry-leading tailored support, and dedicated sales training.
To learn more about WoodSpring Suites, visit www.choicehotelsdevelopment.com/woodspring .