ROCKVILLE, MD—Choice Hotels International Inc. has signed an agreement with Checo Purchase Company LLC, a subsidiary of Concord Hospitality, which has newly formed Common Oaks Lodging LLC, to develop 27 new WoodSpring Suites hotels. The hotels will be built throughout Michigan and North Carolina, as well as in the metropolitan areas of Jacksonville, FL, and Nashville, TN.
The transaction comes on the heels of the brand’s record-setting growth year in 2018, where the WoodSpring Suites brand significantly exceeded the number of new contracts awarded in a single year. The brand now has more than 100 hotels in the pipeline, with nearly 250 open and 35 hotels expected to open in 2019.
The venture marks an expansion of Concord Hospitality’s existing relationship with Whitman Peterson, an institutionally backed real estate investment management company actively investing in the hospitality, multifamily, student and seniors housing sectors. The firm has investments across 30-plus submarkets in the U.S. and also has investments in the United Kingdom and Latin America.
Choice Hotels awarded 75 new WoodSpring Suites franchise agreements in 2018 and opened 14 hotels in top markets across the U.S., including Chicago, Seattle, Atlanta, Detroit and Charlotte, NC.