Choice Hotels International Inc has achieved significant growth in the extended stay category of the lodging sector, with the opening of a company-record six new WoodSpring Suites hotels in May 2023.
Led by a dedicated team focused on extended stay accommodation, these new openings contribute 732 new economy extended stay rooms across the United States, and a total of 1,414 new rooms for the brand since the beginning of 2023.
With almost 38,000 rooms in the domestic pipeline, Choice Hotels remains a leader in the sector.
WoodSpring leads the way in extended stay
WoodSpring Suites, a subsidiary of Choice Hotels, has established itself as a prominent player in the extended stay market. The brand’s success stems from the growing interest in extended stay accommodation among traditional hoteliers and commercial real estate developers.
Extended stay hotels have consistently outperformed traditional hotels with an average 15% higher occupancy rate, increased profitability and a more efficient operating model.
WoodSpring Suites accounts for approximately 94% of the economy extended stay rooms under construction at the end of 2022.
During May 2023, WoodSpring Suites achieved a company record by opening six new hotels across the US. These newly opened locations offer a range of extended stay options from coast to coast.
They include the WoodSpring Suites Rochester Greece in New York, WoodSpring Suites Austin Central in Texas, WoodSpring Suites Roanoke in Virginia, WoodSpring Suites Libertyville in Illinois, WoodSpring Suites West Palm Beach in Florida and WoodSpring Suites Bellflower – Los Angeles in California.
These openings contribute to the brand’s rapid expansion and add to the growing demand for extended stay accommodation.
Choice Hotels’ commitment to extended stay growth
Choice Hotels’ extended stay brands continue to expand their national presence, despite challenges posed by lending and supply chain conditions.
The domestic pipeline for extended stay units neared 500 at the end of the first quarter of 2023, representing a 28% increase year-on-year. In addition to WoodSpring Suites, Choice Hotels’ extended stay line-up includes the recently refreshed Suburban Studios brands in the economy segment, as well as the midscale brands MainStay Suites and Everhome Suites.
The introduction of Everhome Suites in September 2022 marked the first new midscale extended stay brand in almost a decade.