Choice Hotels International Inc. recently signed an agreement with Colorado-based real estate investment firm ServiceStar Capital Management—one of the largest extended-stay developers in the country—to develop 21 new Everhome Suites hotels. This transaction represents Choice’s largest investment in the brand, outlining expansion across the U.S. with future Everhome Suites planned in Colorado, Arizona, Utah, Nevada and Florida over the next few years.
“Everhome Suites combines Choice Hotels’ decades of midscale hospitality expertise with our proven extended-stay operating model, and this commitment from ServiceStar—one of the most experienced extended-stay investors—affirms the opportunity that savvy developers see in this segment,” said Patrick Pacious, president/CEO, Choice Hotels. “It’s no secret that the extended-stay segment has offered incredible resiliency and high returns in any environment. Everhome is on the cusp of major growth, with the first hotel on track to open this month and over 30 others already under development. The key to the brand’s continued success is our ongoing collaboration with growth-minded investors/developers like ServiceStar, whose commitment fuels our shared goal of providing new hotels in the right markets that meet the needs of longer-staying guests.”
Everhome Suites, Choice’s newest brand, is a new-construction, midscale extended-stay offering.
“Choice Hotels is a leader in extended-stay and our newest collaboration underscores our shared focus on profitability, which is key to our mutual success,” said Mark DeRose, principal/cofounder, ServiceStar Capital Management. “We firmly believe in their ability to bring another highly successful brand to market that guests in the midscale extended-stay segment will love, while delivering on its segment-leading return on investment potential for franchisees.”
In addition to investing in Everhome Suites, ServiceStar Capital Management and its development partners are developing more than 50 WoodSpring Suites hotels across the country, building on their existing open and under development portfolio of WoodSpring properties throughout Colorado, Arizona, Utah, Nevada, Montana and Pennsylvania. They will also be developing WoodSpring Suites in Atlanta and throughout Florida.