Choice Hotels Opens 50th WoodSpring Suites Hotel In Texas
Zacks Investment Research | Dec 03, 2019 08:37PM ET
Choice Hotels International, Inc. (NYSE:CHH) is leaving no stone unturned to expand its global footprint through franchise agreements. Of late, the company announced the opening of WoodSpring Suites Pecos, TX, adding to its mid-scale brand.
Notably, this new four-storied, 119-roomed property is the company’s 50th hotel under the WoodSpring Suites brand, joining WoodSpring Suites Dallas Plano Central Legacy Drive and WoodSpring Suites San Antonio Lackland. It also marks extended stay brand's continued westward expansion in the Lone Star State. Moreover, the hotel is developed by Summit 11 Investment Group based in Irving, TX.
Choice Hotels is confident about the success of this new property, situated at 109 Lincoln St., just north of Interstate 20. The hotel offers easy access to the major energy corporations including Halliburton (NYSE:HAL), Schlumberger (NYSE:SLB), Noble Energy (NYSE:NBL), Keane Group, Cudd Energy Services, and Occidental Petroleum Corporation (NYSE:OXY). It also offers leisure attractions like the West of the Pecos Museum and the Texas Rodeo Hall of Fame for its guests.
Ralph Thiergart, vice president and general manager, extended stay brand, Choice Hotels stated that "Home to a thriving economy and scores of large employers, Pecos is the ideal place for Choice's fastest-growing brand to hit this statewide milestone."
Woodspring Suites Brand: A Key Catalyst
The Woodspring Suites brand has been doing brisk business. Notably, as of September 30, 2019, the company opened more than 260 WoodSpring Suites hotels in over 38 states and over 100 properties across the United States.
The brand anticipates its growth to accelerate in the future, with the opening of additional 20 hotels. By the end of 2020, it expects to see Woodspring operating 300 hotels.
Additionally, this January, the company finalized an agreement with a developer to build more than 27 additional WoodSpring Suites over the next four years. These efforts will help it attract business travelers, improve overall guest experience and increase RevPAR for years to come. As of third-quarter 2019, its RevPAR performance was strong, with nearly 2% increase year over year.
Backed by impressive expansion strategies and strong brand presence, shares of Choice Hotels have gained 33.5% so far this year compared with the Zacks Investment Research
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