Extended-stay hotel brand Value Place announced today that it has changed its name to WoodSpring Suites effective immediately. The company is also planning a brand extension with a more enhanced offering, to be called WoodSpring Suites Signature, which the team (diplomatically) claims will appeal to "less price-sensitive guests."
"Our new brand strategy will foster our ability to further expand our network, gain access to new markets and customer segments, and further drive RevPAR growth for our company owned hotels and development partners," CEO Bruce Haase said in a statement. "Although the company achieved record financial performance in 2014 and saw unprecedented demand from both consumers and developers for our product, we see clear opportunities to do even better and build a long term growth platform."
Back in November, Haase had said that he wanted to continue to build new product that would be owned and operated by the company. "We primarily want to do that in expansion markets, where Value Place doesn’t yet exist. Plant the flags in those markets, then entice other franchisees to develop in the market with us. We feel good about the trajectory we are on and are building a substantial pipeline."
President and COO Kyle Rogg added that through an "enormous amount" of consumer research, the company found a "disconnect" between public perceptions of Value Place and the reality of its product. "The WoodSpring Suites brand will better align with our position as the leading value extended stay hotel company, better communicate the quality of our product, and allow us to expand our reach to new customer segments."
Value Place was named by Forbes magazine as the top hotel franchise in the U.S., recognized as one of 2014's Top 500 Franchises by Entrepreneur magazine, and one of Franchise Business Review's Top 50 Franchises for four consecutive years along with being named the hotel category winner in 2015.
"The WoodSpring Suites brand provides us with the right platform to build a widely distributed national brand, better serve our guests, and provide growth opportunities for our associates," said Haase. "We have an incredible opportunity in front of us."
WoodSpring Suites has 196 hotels located in 32 states. The company owns 84 of the properties and provides management services for both company-owned and franchised locations.
For more information, visit www.WoodSpringFranchise.com.