ROCKVILLE, MD—The WoodSpring Suites brand recently surpassed another milestone with the opening of its 250th hotel in the greater Portland, OR area. This landmark achievement coincides with the one-year anniversary of the Choice Hotels International Inc. acquisition of the WoodSpring brand and franchise business.
Since the acquisition of WoodSpring Suites in February 2018, Choice Hotels has grown the extended-stay brand’s system size, development pipeline, RevPAR and Choice delivered proprietary contribution, specifically:
- RevPAR increased 7.6% in 2018 over the previous year, exceeding the industry by 470 basis points.
- Coast-to-coast expansion in key markets, including Atlanta; Charlotte, NC; Chicago; Houston; Reno, NV; and Seattle.
- A year of record-setting development growth with 75 contracts awarded, which significantly exceeds the number of new franchise agreements previously granted in a single year for the WoodSpring brand. In fact, the total number of new extended-stay franchise agreements Choice awarded increased by 156%, including a 37% increase for MainStay and Suburban.
- A pipeline of 117 hotels, the largest in brand history.
- Operational improvements, including a 24% increase in website revenue delivery, a 5.5% improvement in call-center conversion rate, and an 18% increase in the brand’s corporate accounts.
- Nearly 90% of WoodSpring Suites guests are staying for more than a week.
The WoodSpring Suites brand expects to open approximately 20 hotels this year in markets, such as Miami and Orlando, FL.; Sacramento, CA; and San Antonio. Choice anticipates having around 300 WoodSpring Suites hotels open and serving guests across the country by the end of 2020.