WoodSpring Hotels is the parent company of WoodSpring Suites and Value Place. The company was created in a transition from Value Place in April 2015 and opened the first WoodSpring Suites in July 2015 WoodSpring Hotels is an extended stay hotel brand in the hospitality industry that offers rooms with kitchens to guests needing a place to stay for several nights or longer. Most guests are relocating to or within an area, displaced for myriad reasons, traveling for business, in military service, traveling medical professionals, or on vacation or a seasonal trip.
The hotel chain was founded in 2003 by Jack DeBoer, and once operated as Value Place. In April 2015 the brand pivoted to WoodSpring Hotels and began developing WoodSpring Suites and WoodSpring Suites Signature hotels exclusively.
According to franchise leaders, the chain has 25 hotels under development, and is growing, similarly to other major competitors in the extended stay hotel hospitality segment including Extended Stay America, InTown Suites, Studio6, Mainstay (Choice Hotels International), Suburban (Choice Hotels International), Candlewood Suites (IHG), Home2Suites (Hilton), TownePlace (Marriott), Staybridge (IHG), Residence Inn and Homewood Suites.
According to an April 2017 report from the Highland Group, extended stay hotel demand and supply are both bettering industry averages. Today there are 44000 extended stay hotels in the U.S., which accounted for about $11 billion in revenue in 2016. WoodSpring Hotels has franchise- and corporate-owned hotels, and is growing at a pace of about two dozen hotels per year.
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Source of the article : Wikipedia
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