Choice Hotels to acquire WoodSpring Suites brand and franchise business

Choice Hotels International has reached a definitive agreement to acquire the brand and franchise business of WoodSpring Suites from WoodSpring Hotels Holdings, a portfolio company of Lindsay Goldberg, for approximately $231 million.

The acquisition will add nearly 240 extended-stay hotels in 35 states to the Choice Hotels portfolio, creating an extended-stay portfolio of more than 350 properties with existing brands, MainStay Suites® and Suburban Extended Stay.

WoodSpring Hotels is the nation's fastest growing value extended-stay hotel company, with nearly 240 properties in 35 states nationwide. Over the past few years, the company has successfully executed a brand relaunch and repositioning, resulting in WoodSpring Suites unit growth of more than 25 percent and franchise fee revenue growth of 45 percent in the last three years. More than 25 hotels are expected to open in 2018.