WoodSpring Hotels executed three additional license agreements with West77 Partners, a Bellevue, Wash.-based real estate investment company, bringing the brand’s in-state portfolio to six hotels.
This agreement marks the ninth deal between the two companies, which are on track to build 25 hotels in and around the Seattle MSA. The three hotels will be in the Richland, Lakewood and Kent markets. The Richland property is expected to begin construction this year, while the Lakewood and Kent sites are projected to begin development mid-year 2018. WoodSpring Hotels' property-management company will operate all three properties.
“The WoodSpring brand continues to provide excellent returns on investment,” Mike Nielson, principal at West77 Partners, said in a statement. “The proven track record of the brand in the region strengthens our resolve to move forward, and their innovative product and operational model combined with our real estate and construction expertise make this relationship ideal to grow both our companies throughout the Pacific Northwest.”
Simultaneously, West77 is seeking sites and developing new build WoodSpring hotels in San Francisco.
“WoodSpring continues to seek best-in-class partners like West77 to grow our brand,” Ron Burgett, EVP of franchise development and operations at WoodSpring, said in a statement. “The Pacific Northwest and California remain ideal, underserved markets for extended-stay guests looking for affordable accommodations for stays of five-plus nights. We look forward to continuing and expanding our relationship with West77.”
WoodSpring Hotels has more than 228 hotels in 33 states. The company owns 96 hotels and provides management services for both company-owned and franchised locations under the WoodSpring Suites and Value Place brands.