ROCKVILLE, MD—Choice Hotels International Inc. completed its $231-million acquisition of the brand and franchise business of WoodSpring Suites, an extended-stay lodging brand, from WoodSpring Hotels LLC. The acquisition, first announced in December 2017, adds nearly 240 extended-stay hotels in 35 states to the Choice Hotels portfolio, creating an extended-stay portfolio of more than 350 properties with existing brands, MainStay Suites and Suburban Extended Stay.
WoodSpring Suites has experienced 21% RevPAR growth and 48% gross room revenue (GRR) growth during the last three years, and increased net units by more than 25% since 2014, with nearly 20 properties currently under construction and additional new market opportunities identified for continued growth.
The WoodSpring hotel management operations will remain a separate company and be renamed Nationwide Hotel Management Company LLC. A private real estate fund sponsored by Brookfield Asset Management Inc. simultaneously completed its purchase of more than 100 company-owned hotels from WoodSpring.