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During two decades of existence, Intown Suites has proved to be a very successful business, and is currently one of the fastest growing extended-stay chains. In May 2015, 50 properties were purchased by Starwood Capital Group. [2] In 1998, Intown Suites expanded from 26 to 76 properties in a $150 million investment, an alternative to going public.
The first two Extended Stay America hotels opened in August 1995 in Spartanburg, South Carolina and Marietta, Georgia. [3] The company became a public company via an initial public offering on December 14, 1995. [4] Extended Stay America acquired the extended-stay hotel chain StudioPLUS on April 11, 1997. [5]
In December 2017, Woodsprings Suites was sold to Choice Hotels for approximately $230 million. [ 5 ] [ 6 ] As of June 30, 2020, there are 281 hotels with 33,797 rooms in the chain. [ 1 ]
In 1999, Motel 6 launched Studio 6 Extended Stay, hotels with suites that are designed for longer stays and feature kitchenettes. In 2000, Motel 6 went international by opening its first location outside the U.S. in Burlington, Ontario, Canada. Then, in 2002, Motel 6 celebrated its 40th anniversary at its first location in Santa Barbara ...
Residence Inn by Marriott is a brand of extended stay hotels.As of June 1, 2021, there were 874 Residence Inn hotels in the United States, Canada and Mexico with 107,680 rooms, plus an additional 243 hotels with 30,417 rooms in the development pipeline.
Even if production cuts stay in place through all of next year, the agency expects an overhang of 950,000 barrels per day. That puts OPEC+ in a tight spot.