ROCKVILLE, Md. — Alternative Motels Worldwide, Inc. (NYSE: CHH) signed an settlement with CHECO Buy Firm, LLC, a subsidiary of Harmony Hospitality, which has newly shaped Frequent Oaks Lodging LLC, to develop 27 new WoodSpring Suites resorts. The resorts will probably be constructed all through Michigan and North Carolina, in addition to within the metropolitan areas of Jacksonville, Fla. and Nashville, Tenn.
The transaction comes on the heels of the model’s record-setting development yr in 2018 the place the WoodSpring Suites model considerably exceeded the variety of new contracts awarded in a single yr. The model now has greater than 100 resorts within the pipeline, with almost 250 open and 35 resorts anticipated to open in 2019.
“WoodSpring Suites is not simply the fastest-growing economic system extended-stay model, it is the fastest-growing resort model within the total economic system phase, and builders proceed to acknowledge its energy and returns repeatedly,” mentioned Ron Burgett, vp, WoodSpring Suites growth, Alternative Motels. “We anticipate to construct upon the success of our record-setting development in 2018, and stay up for the acceleration of the WoodSpring Suites model growth with this settlement and convey extra extended-stay lodging to vacationers throughout the U.S.”
“I’m very impressed with the WoodSpring Suites enterprise mannequin and what Alternative Motels will do with this model. With our objective to develop 27 new WoodSpring Suites resorts over the following a number of years, my companions and I are furthering our long-lasting relationship with Alternative resorts. As well as, this settlement marks the launch of Frequent Oaks Lodging LLC, a subsidiary of Harmony Hospitality, which is able to present the administration and growth companies to this thrilling new growth portfolio,” mentioned Mark Laport, chief government officer and president, Harmony Hospitality and principal of the group who will personal the resorts.
The enterprise marks an growth of Harmony Hospitality’s current relationship with Whitman Peterson, an institutionally backed actual property funding administration firm actively investing within the hospitality, multifamily, scholar, and seniors housing sectors. The agency has investments throughout 30-plus submarkets within the U.S. and in addition has investments in the UK and Latin America.
“We’re so happy to have this chance to assist develop the WoodSpring Suites model and – by way of Frequent Oaks Lodging – develop upon our current relationship with Harmony Hospitality. We consider the markets on which we’re targeted are perfect for WoodSpring Suites and fill a big hole on this phase of the lodging trade,” mentioned Paul Novak, Managing Director for Whitman Peterson.
“Alternative anticipated that buying this all-new-construction, economic system extended-stay model could be a sensible funding, and friends and builders agree,” mentioned Ralph Thiergart, vp and normal supervisor, prolonged keep manufacturers, Alternative Motels. “The WoodSpring Suites model has reenergized Alternative’s total extended-stay portfolio, together with the MainStay Suites and Suburban manufacturers, which have additionally skilled file development years. Merely put, WoodSpring Suites executes the fundamentals higher and friends and builders have observed.”
Alternative Motels awarded 75 new WoodSpring Suites franchise agreements in 2018 and opened 14 resorts in prime markets throughout the U.S., together with Chicago, Seattle, Atlanta, Detroit and Charlotte, N.C.
To be taught extra about WoodSpring Suites, go to www.woodspring.com/ourbrand/.
About Frequent Oaks Lodging LLC
Frequent Oaks Lodging LLC is a subsidiary of Harmony Hospitality Enterprises Firm. As an award-winning resort growth and administration firm, Harmony Hospitality Enterprises Firm has spent the final three a long time constructing relationships with buyers, companions and resort homeowners growing and/or managing premium-branded properties with a worth in extra of $2.5 billion throughout the USA and Canada. As an operator, Harmony Hospitality instills worth from the bottom up, growing and managing with a sustainable viewpoint, preserve a deal with high quality and hands-on involvement to make sure long-term profitability and success. Be taught extra at www.concordhotels.com.
About Whitman Peterson
Whitman Peterson (“WP”) is an institutionally backed actual property funding administration firm actively investing within the hospitality, multifamily, scholar and seniors housing sectors. Via its discretionary commingled funds, WP has invested in transactions involving greater than 150 acquisition and growth property, with an combination capitalization of over $15 billion. Whitman Peterson focuses on serving to drive important asset and working firm development to a choose group of outstanding nationwide working, funding, and growth corporations inside WP’s goal sectors. To be taught extra about Whitman Peterson, go to www.WhitmanPeterson.com.
Ahead-Trying StatementThis communication consists of “forward-looking statements” about future occasions, together with anticipated resort openings. Such statements are topic to quite a few dangers and uncertainties, together with building delays, availability and price of financing and the opposite “Threat Components” described in our Annual Report on Type 10-Ok, any of which might trigger precise outcomes to be materially totally different from our expectations.
AddendumThis shouldn’t be an providing. No provide or sale of a franchise will probably be made besides by a Franchise Disclosure Doc first filed and registered with relevant state authorities. A replica of the Franchise Disclosure Doc will be obtained by way of contacting Alternative Motels Worldwide at 1 Alternative Motels Circle, Suite 400, Rockville, MD 20850, [email protected]
About Alternative Motels
Alternative Motels Worldwide, Inc. (NYSE: CHH) is likely one of the largest and most profitable lodging franchisors on the planet. With greater than 6,800 resorts, representing greater than 550,000 rooms, in over 40 international locations and territories as of June 30, 2018, the Alternative® household of resort manufacturers present enterprise and leisure vacationers with a variety of high-quality lodging choices from restricted service to full-service resorts within the upscale, midscale, extended-stay and economic system segments. The award-winning Alternative Privileges® loyalty program, provides members advantages starting from on a regular basis rewards to distinctive experiences. For extra data, go to www.choicehotels.com.