USA: Extended-stay hotel brand, My Place Hotels, and real estate development and investment firm, Rimrock Companies, have entered into a two-phase franchise and development agreement for 10 extended-stay hotels across southern America.
In the first phase of the plan, properties will be built in Tennessee, South Carolina, and Georgia. While some are currently under development, all 10 are expected to be completed by 2029.
The second phase of the development plan will continue to focus on the country’s south-east region and aims to include at least the same number of franchises as the first phase.
The deal with Rimrock follows a multi-development agreement between My Place Hotels and TGC Group in 2022, which would see the delivery of 10 My Place Hotels by 2027.
Micah Linton, president and CEO of Rimrock Companies, said: “We’re honoured to be partnering with the top extended-stay hotel brand in the business and grateful for the trust My Place Hotels has placed in us to develop a minimum of 10 new properties in the south-east region of the US. Our mission from the beginning has been to create exceptional commercial spaces to enhance the communities we serve. Each of these new properties represents an opportunity for us to create something extraordinary for not only guests but also the businesses in the surrounding area.”
Ryan Rivett, founder, president, and CEO of My Place Hotels, said: “The team at Rimrock is competent in development, and we have a ton of confidence in their ability to execute this business plan. Their proven track record of focus on quality and integrity in their deals made this an easy agreement to structure — plus, they’re just good people, and that’s who we’re looking to do business with at the end of the day.”
Based in Aberdeen, South Dakota, My Place Hotels of America is a hotel franchisor that offers hotel brand options to potential and current franchisees. The company currently has about 70 My Place Hotels open across 29 states in the US, with more than 130 hotels in the pipeline.
Headquartered in Jacksonville, Florida, Rimrock is a national commercial real estate developer and investor, with experience in the development of commercial real estate projects across multiple industry sectors. The company’s hospitality division focuses on extended stay hotel development. Rimrock currently has extended stay hotels under development in Idaho, Montana, Florida and the south-eastern parts of the US.
