ROCKVILLE, Maryland—During the third quarter, Choice Hotels International, Inc. signed an agreement with Noble Investment Group (Noble) to develop nine WoodSpring Suites hotels in Georgia and South Carolina over the next two years.
“When we acquired WoodSpring Suites four years ago, few other hotel brands were competing in the extended stay segment in a meaningful way. Choice Hotels not only breathed new life into this category—innovating new ways to deliver exceptional value to extended stay developers and longer-term guests—but successfully demonstrated our ability to take the industry’s largest economy extended stay brand to even greater heights,” said David Pepper, chief development officer, Choice Hotels. “Our continued work with institutional investors like Noble is a key component of this success. We look forward to bringing our best-in-class extended stay offerings to more and more markets nationwide, so travelers everywhere can make the most of their time on the road, whether they stay for a week, a month, or longer.”
WoodSpring Suites hotels are built for the needs of extended-stay travelers, offering suites with in-room kitchens and full-size refrigerators in addition to amenities like guest laundry rooms, vending facilities, and WiFi. Certain locations may also feature additional amenities, such as fitness centers and lobby coffee service.
Noble is a real estate investment manager specializing in select-service and extended-stay travel and hospitality with over $5 billion in assets.
“Noble continues to add substantial scale to our extended-stay travel and hospitality platform,” said Ben Brunt, Noble’s chief investment officer. “WoodSpring Suites has an outstanding track record of high performance across economic cycles, and we are pleased to welcome these new investments into our portfolio.”
Choice Hotels has franchised in the extended-stay segment since its infancy. Choice has worked in the extended-stay operating model to help maximize developers’ return on investment and offer design, support, and sales training.