US: Choice Hotels International has teamed up with real estate investment firm ServiceStar Capital Management, to develop 21 Everhome Suites hotels.
The agreement represents Choice’s largest investment in the brand, outlining a significant expansion across the US.
Choice’s newest brand, Everhome Suites, launched in 2020 and is a new construction, midscale extended stay offering featuring purpose-built accommodations focusing on how guests live and work during longer-term stays.
The first hotel is due to open this month and there are 30 under development. Over the next few years Everhome Suites are planned in Colorado, Arizona, Utah, Nevada and Florida.
Patrick Pacious, president and chief executive officer, Choice Hotels said: “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. It’s no secret that the extended stay segment has offered incredible resiliency and high returns in any environment.”
Mark DeRose, principal and co-founder, ServiceStar Capital Management added: “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. 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—that’s precisely why we and our Development Partners are thrilled to grow our relationship with them.
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, GA and throughout Florida.
