US: Developer Opwest Partners, which is primarily focused on higher-end hotel and residential projects, is to diversify its portfolio by developing several extended stay hotels.
Opwest has committed to developing a portfolio of around 20 My Place-branded hotels over the next three to four years in Arizona and other growth markets in the western US.
Tyler Kent, Opwest founder and managing partner, said the company has considered opportunities in the select-service and extended stay hotel segments over the years, and considered acquisitions, repositioning opportunities and ground-up development.
“We felt that it made a lot of sense to diversify within the hotel segment,” he said.
He described My Place Hotels, which was created by Ron Rivett, founder of the Super 8 brand, and his grandson Ryan, as “a generational extended stay, midscale brain trust”.
The deal follows last month’s announcement of a 10-hotel deal between My Place and developer Rimrock Companies.
