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The hotel chain was founded as Value Place in 2003 by Jack DeBoer. [2] In April 2015, the brand changed its name from Value Place to WoodSpring Suites. [3] [4] 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]
Newer properties, as well as acquisitions, have interior corridors. Its competitors include America's Best Value Inn, Days Inn, Econo Lodge, and Super 8 Motels. In 1999, Motel 6 launched Studio 6 Extended Stay, hotels with suites that are designed for longer stays and feature kitchenettes.
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.
By 2016, Vantage Hospitality operated 10 brands, including Best Value Inn and Value Inn Worldwide. [1] America's Best Value Inn received a Hotel Vikas diamond award in 2010 in the Best Hotel Franchisor category. [2] Hotel Vikas is a trade publication targeted to hotel CEOs. In 2005, Vantage introduced the Lexington by Vantage brand. [3]
Extended Stay America acquired the extended-stay hotel chain StudioPLUS on April 11, 1997. [5] The company also developed the Crossland Economy Studios brand as a budget extended-stay hotel brand. [6] The 47 unit Crossland brand was sold to Westmont Hospitality Group for $285 Million in December, 2015. [7]
As of September 30, 2007, there were 151 Candlewood Suites hotels currently open, with 187 hotels in the pipeline, with an estimated 50 of these hotels opening during 2007. There are now 342 locations worldwide. Candlewood competes with other value-priced, extended-stay hotels such as TownePlace Suites and Mainstay Suites. [2]
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