Choice Hotels acquiring WoodSpring Suites brand
Choice Hotels International has reached an agreement to acquire the WoodSpring Suites brand.
Choice will pay about $231 million to WoodSpring Hotels Holdings LLC for the extended stay brand and its franchise business.
WoodSprings Suites has nearly 240 hotels and about 28,500 rooms in its portfolio in 35 states nationwide.
"We are pleased to announce our plans to welcome WoodSpring Suites to our portfolio of brands. Like Choice Hotels, WoodSpring Suites has demonstrated exceptional customer service, attractive franchisee return on investment, and tremendous growth," said Patrick Pacious, president and CEO of Choice Hotels.
WoodSpring Suites has existing plans to open in another 25 locations during 2018, and has seen unit growth of 25% in the last three years.
"Choice Hotels and WoodSpring Suites share the same values and dedication to customer service and franchisees," said Gary A. DeLapp, WoodSpring president and CEO.
"We are thrilled that our brand will join the powerful value proposition that Choice Hotels offers and know our commitment to providing the best guest experience will remain a priority."
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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