Demand for extended stay hotels exceeds supply, and owning these hotels is a way to invest in the hottest segment in hospitality
NORTH BETHESDA, Md., Sept. 23, 2024 /PRNewswire/ -- Choice Hotels International, Inc. (NYSE: CHH) continues to lead in the extended stay segment, opening 17 MainStay Suites and Suburban Studios between January 1 and September 17, 2024. Breaking into the key markets of Las Vegas, Nevada (with a second hotel opening later this month); Moreno Valley, California; Orlando and Tampa, Florida, 16 of the 17 hotels opened across the two brands are conversions, with the average length of time between contract signing and doors opening around 120 days. Half of the nearly 70 properties in the pipeline for MainStay Suites and Suburban Studios are conversions, expected to open between September 2024 and March 2025.
A first mover in the space, Choice Hotels extended stays conversion success builds on the company's "Kitchen-in-a-Box" concept, a modular kitchen design that allows franchisees to quickly and easily convert almost any transient hotel into an extended stay hotel with kitchens in each room in as little as 3-4 months, enabling owners and developers to start offering extended stay rooms more quickly.
"Choice Hotels experience in conversions, along with innovative, turnkey solutions like kitchen-in-a-box, and our history of strong collaboration with developers, enables us to accelerate the time it takes to convert a typical transient hotel into an extended stay property," said Ron Burgett, senior vice president, extended stay development at Choice Hotels. "With a team of experts dedicated to extended stay, we are able to support developers throughout the entire conversion process with extreme efficiency."
"With Choice's deep expertise in extended stay, our two conversion brands offer a great opportunity to enter the hottest category in hospitality, backed by the same support system that's made WoodSpring Suites the most successful brand in the segment. From sales and marketing to training, developers can rely on dedicated resources to help maximize their return on investment," said Matt McElhare, vice president and lead for extended stay brands for Choice Hotels.
The Suburban Studios guest profile includes blue collar infrastructure and construction workers, as well as seasonal workers and families. The MainStay Suites guest profile includes sports teams, medical professionals, business travelers, members of the military, mid-level blue collar workers, students, professors, medical patients, and people relocating or renovating their homes.
MainStay Suites and Suburban Studios offer the comforts of home with a fully equipped kitchen in every room with a full-sized refrigerator, stovetop, microwave, and plenty of counter space, as well as providing flatware and cookware. The guestrooms are clean and spacious allowing guests to unwind and relax or to catch up on work with free Wi-Fi.
MainStay Suites and Suburban Studios participate in Choice Privileges, the award-winning rewards program where members earn points on eligible charges during their stay, which can be redeemed for reward nights at over 7,000 hotels across a diverse portfolio of brands in 45 countries and territories. With the Choice Privileges Mastercard, members can earn more points faster, including on everyday purchases.
Choice Hotels, with a franchise-first focus and an industry-leading retention rate, has been committed to providing its hotel owners with the support they need to succeed since it launched the country's first hotel chain in 1941. Today, Choice offers franchisees a suite of cutting-edge cloud-based solutions, including the choiceEDGE guest reservation platform and the choiceADVANTAGE property management system, to help franchisees effectively manage room rates, distribution channels, and inventory.
MainStay Suites®: Live Like Home
MainStay Suites is a midscale extended stay brand that allows guests to Live Like Home no matter how long they're away. MainStay Suites hotels offer spacious residential-style suites with fully equipped kitchens, separate areas for working and relaxing, a marketplace and 24/7 laundry facilities. With more than 125 locations open across the United States, MainStay Suites provides the conveniences of home plus the perks of staying in a hotel — like weekly housekeeping, a fitness center, free Wi-Fi and more. To learn more, visit www.choicehotels.com/mainstay.
Suburban Studios®: Hotels for Real Life
Suburban Studios offers longer-staying guests a comfortable, affordable extended stay experience with hassle-free registration and just the right hotel amenities. With more than 100 locations across the United States, our hotels feature studio suites with in-room kitchens, 24/7 laundry facilities, free Wi-Fi and premium movie channels, and bi-weekly housekeeping. For more information, visit www.choicehotels.com/suburban.
About Choice Hotels®
Choice Hotels International, Inc. (NYSE: CHH) is one of the largest lodging franchisors in the world. The challenger in upscale and a leader in midscale and extended stay, Choice® has nearly 7,500 hotels, representing more than 630,000 rooms, in 45 countries and territories. A diverse portfolio of 22 brands that range from full-service upper upscale properties to midscale, extended stay and economy enables Choice® to meet travelers' needs in more places and for more occasions while driving more value for franchise owners and shareholders. The award-winning Choice Privileges® rewards program and co-brand credit card options provide members with a fast and easy way to earn reward nights and personalized perks. For more information, visit www.choicehotels.com.
Forward-Looking Statements
This communication includes "forward-looking statements" about future events, including anticipated 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 and our Quarterly Reports on Form 10-Q, 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, email: development@choicehotels.com.
© 2024 Choice Hotels International, Inc. All Rights Reserved
SOURCE Choice Hotels International, Inc.
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