Woodspring Hotels is partnering with West77 Partners to develop 25 new hotels throughout greater San Francisco. This is the second such development between Woodspring and West77 as they collaborate on a number of hotels in the San Francisco area and Washington state though the next several years. The first of these properties is expected to open its doors late 2016.
“WoodSpring is a great fit for West77 Partners. Our focus has been in investing in real estate located in major West Coast gateway markets with a hospitality focus,” Mike Nielson, West77 Partners’ principal, said in a statement. “WoodSpring Hotels is renowned for its precise operating model which attracted us. With a stronger expected return on investment than more traditional, nightly-stay hotels, coupled with our ability to build out a new region of the country for WoodSpring Hotels, we feel we have the right franchise partner.”
The new portfolio of hotels will be managed by WoodSpring Hotels Property Management.
“West77 Partners has the energy and expertise to aggressively introduce our hotel concept to a new customer base into another major west coast market,” said Ron Burgett, EVP of WoodSpring Hotels. “Partnering with West77 Partners in the state of Washington was a fantastic opportunity for both of us, and we are excited to strengthen the partnership with this announcement.”
Marcus & Millichap’s recent market report on San Francisco showed that over 16 million people travel to San Francisco each year, adding an additional $8.5 billion in revenue to the region.