Choice Hotels International has closed on the acquisition of the brand and franchise business of WoodSpring Suites from WoodSpring Hotels Holdings. The $231 million deal will add 240 extended-stay hotels in 35 states to the Choice Hotels portfolio. Choice plans to hire employees from the WoodSpring Suites franchise business to strengthen the relationships that have contributed to the success of the brand.
“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. “Extended stay is a fast-growing segment, reporting some of the strongest gains in demand and has led the hospitality industry in annual RevPAR growth. The addition of the WoodSpring Suites brand will allow us to strengthen our scale within the attractive extended-stay segment, expand our runway for growth, and continue to create value for our customers, franchisees and shareholders.”
