ROCKVILLE, Md., Feb. 19, 2019 /PRNewswire/ -- Choice Hotels International, Inc. (NYSE: CHH) awarded an agreement to ServiceStar Hospitality to develop 14 new WoodSpring Suites hotels throughout Colorado, Arizona, and Nevada.
"The WoodSpring Suites brand continues to draw strong interest from developers across the country, furthering its position as a leader both in extended stay and the economy segment overall," said Ron Burgett, vice president, extended stay hotels development, Choice Hotels. "This transaction builds on WoodSpring's record-setting 2018 growth and will accelerate the brand's presence across the western United States. ServiceStar Hospitality has an intimate knowledge of the region and is the ideal developer to bring WoodSpring to these new markets for travelers."
All WoodSpring Suites hotels are purpose-built for the unique needs of extended-stay travelers. Hotels offer suites with in-room kitchens and full-size refrigerators in addition to amenities like fitness centers, guest laundry rooms, and complimentary Wi-Fi.
ServiceStar Hospitality is part of ServiceStar Capital Management, a Colorado real estate investment firm.
"We are very impressed with WoodSpring Suites' brand equity, operating model, franchisor support, and expected return on investment," said Jim Stilwell, co-founder and principal with ServiceStar Capital Management. "ServiceStar and our development partners are looking forward to welcoming guests across Colorado, Arizona and Nevada to experience this top-notch, extended-stay product. Our objective is to build a long and successful relationship with Choice Hotels."
To learn more about WoodSpring Suites, visit www.woodspring.com/ourbrand/.
About WoodSpring Suites®
WoodSpring Suites hotels offer extended stay guests a welcoming environment and straightforward stay – all affordably priced. Franchised by Choice Hotels, WoodSpring Suites is the nation's fastest-growing economy extended stay hotel brand. Each property is newly-constructed and built to anticipate the needs of travelers looking for a longer-term stay. Properties feature all-suite rooms with fully-equipped kitchens, flexible workspaces, and guest laundry facilities. There are more than 250 WoodSpring Suites hotels open in over 35 states and more than 100 in the pipeline across the country as of December 31, 2018. For more information, visit www.woodspring.com/ourbrand/.
About Choice Hotels
Choice Hotels International, Inc. (NYSE: CHH) is one of the largest and most successful lodging franchisors in the world. With more than 7,000 hotels, representing nearly 570,000 rooms, in over 40 countries and territories as of December 31, 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.
About ServiceStar Hospitality LLC
ServiceStar Hospitality is a subsidiary of ServiceStar Capital Management ("SCM") which is a privately owned, multi-asset class, investment management firm that provides equity to promising companies and projects. The firm, based in Denver, Colorado, evolved from ServiceStar Development Company, which operated as a full-service development company with a national footprint and over thirty (30) years of development experience. The partners formed SCM following an extensive history of successfully investing their own capital in commercial real estate through the development platform. SCM's partners have complementary skill sets in capital markets, operations, accounting, real estate, law and management consulting. With strong backgrounds in real estate development and property ownership, including a portfolio of extended stay hotels, SCM is uniquely positioned to understand owner priorities, maximize value and achieve financial goals. SCM's objective is to invest equity capital to support the strategic and financial objectives of outstanding real estate developers and operating companies, which have defensible positions through various economic cycles.
Forward-Looking Statement
This communication includes "forward-looking statements" about future events, including anticipated 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.
Addendum
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, development@choicehotels.com.
© 2019 Choice Hotels International, Inc. All rights reserved.
SOURCE Choice Hotels International, Inc.
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