Choice Hotels International Inc. has signed an agreement with Noble Investment Group to develop nine WoodSpring Suites hotels in Georgia and South Carolina over the next two years, signaling increased institutional interest in the largest economy extended-stay brand in the market.
“When we acquired WoodSpring Suites four years ago, few other hotel brands were competing in the extended-stay segment in a meaningful way,” said David Pepper, CDO, Choice Hotels. “Choice Hotels not only breathed new life into this category–innovating new ways to deliver exceptional value to extended-stay developers and longer-term guests—but successfully demonstrated our ability to take the industry’s largest economy extended-stay brand to even greater heights. Our continued work with institutional investors like Noble is a key component of this success. We look forward to bringing our best-in-class extended-stay offerings to more and more markets nationwide, so travelers everywhere can make the most of their time on the road, whether they stay for a week, a month or longer.”
WoodSpring Suites hotels offer suites with in-room kitchens and full-size refrigerators, in addition to amenities like guest laundry rooms, vending facilities and complimentary WiFi. Signature locations may also feature additional amenities, such as fitness centers and lobby coffee service.
Noble is a real estate investment manager specializing in select-service and extended-stay travel and hospitality with over $5 billion in assets.
“Noble continues to add substantial scale to our extended-stay travel and hospitality platform,” said Ben Brunt, Noble’s chief investment officer. “WoodSpring Suites has an outstanding track record of high performance across economic cycles, and we are pleased to welcome these new investments into our portfolio.”