Choice Hotels International, Inc., one of the world’s largest hotel companies, completed its acquisition of the brand and franchise business of WoodSpring Suites, an extended-stay lodging brand, from WoodSpring Hotels LLC.
The acquisition was announced on December 18,2017 and 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.
“I’m thrilled to officially welcome the WoodSpring Suites brand and its franchisees and owners to the Choice family. WoodSpring developers represent some of the best in the nation, and we look forward to introducing them to Choice’s powerful platform of technology and resources, helping to create further return on their investments,” said Patrick Pacious, president and CEO, Choice Hotels.
“Choice has a strong pipeline for its new construction brands, including Cambria, Sleep Inn, MainStay, and Comfort, and this acquisition offers another new construction brand for our growth-oriented developer community.
More importantly, the acquisition enables us to incorporate best practices from WoodSpring’s proven model across our extended-stay brands, and further strengthens Choice’s position as a leader in both hospitality and franchising.”
Choice Hotels acquired the WoodSpring Suites brand, including franchise operations, marketing and development, for $231 million, subject to customary closing adjustments. The acquisition was funded with a combination of cash on hand and borrowings under Choice’s existing credit facility.
