Choice Hotels International signed an agreement with Brookwood Hotels to develop more than 20 new WoodSpring Suites hotels over the next few years. The brand now has more than 130 properties in its development pipeline, and more than 245 open hotels.
"Sustained interest in the WoodSpring Suites brand and the performance of the business model affirms our growth strategy is working," Ron Burgett, VP of WoodSpring Suites development at Choice Hotels, said in a statement. "WoodSpring has experienced tremendous success since Choice's acquisition, breaking the brand's record for most franchise contracts awarded in a single year. We look forward to accelerating the brand's expansion with Brookwood Hotels. Together, we'll bring WoodSpring to even more markets to meet the demand for longer-term stays."
Brookwood Hotels has an existing portfolio of more than 100 WoodSpring-branded hotels across the U.S. This latest agreement for the company outlines a plan for aggressive brand expansion across the country.
"WoodSpring Suites is a proven performer in the extended-stay segment and we're excited to increase our investment in the brand," Darien Wright, COO at Brookwood Hotels, said in a statement.
Brookwood Hotels is a hospitality platform company that was formed simultaneously with the acquisition of the WoodSpring Suites brand by Choice Hotels in February 2018. The company owns more than 100 hotels in the economy extended-stay segment across the U.S., with the largest concentration in Florida. The company is owned by a Brookfield Asset Management-sponsored private real estate fund.