Choice Hotels Grows Western US Presence With Agreement To Develop 14 New WoodSpring Suites
ROCKVILLE, Md. -- Choice Hotels International, Inc. (NYSE: CHH) awarded an agreement to ServiceStar Hospitality to develop 14 new WoodSpring Suites hotels throughout Colorado, Arizona, and Nevada.
All WoodSpring Suites hotels are purpose-built for the unique needs of extended-stay travelers. Hotels offer suites with in-room kitchens and full-size refrigerators in addition to amenities like fitness centers, guest laundry rooms, and complimentary Wi-Fi.
ServiceStar Hospitality is part of ServiceStar Capital Management, a Colorado real estate investment firm.
"We are very impressed with WoodSpring Suites' brand equity, operating model, franchisor support, and expected return on investment," said Jim Stilwell, co-founder and principal with ServiceStar Capital Management. "ServiceStar and our development partners are looking forward to welcoming guests across Colorado, Arizona and Nevada to experience this top-notch, extended-stay product. Our objective is to build a long and successful relationship with Choice Hotels."
To learn more about WoodSpring Suites, visit www.woodspring.com/ourbrand/.
About ServiceStar Hospitality LLCServiceStar Hospitality is a subsidiary of ServiceStar Capital Management ("SCM") which is a privately owned, multi-asset class, investment management firm that provides equity to promising companies and projects. The firm, based in Denver, Colorado, evolved from ServiceStar Development Company, which operated as a full-service development company with a national footprint and over thirty (30) years of development experience. The partners formed SCM following an extensive history of successfully investing their own capital in commercial real estate through the development platform. SCM's partners have complementary skill sets in capital markets, operations, accounting, real estate, law and management consulting. With strong backgrounds in real estate development and property ownership, including a portfolio of extended stay hotels, SCM is uniquely positioned to understand owner priorities, maximize value and achieve financial goals. SCM's objective is to invest equity capital to support the strategic and financial objectives of outstanding real estate developers and operating companies, which have defensible positions through various economic cycles.
This communication includes "forward-looking statements" about future events, including anticipated hotel openings. Such statements are subject to numerous risks and uncertainties, including construction delays, availability and cost of financing and the other "Risk Factors" described in our Annual Report on Form 10-K, any of which could cause actual results to be materially different from our expectations.
This is not an offering. No offer or sale of a franchise will be made except by a Franchise Disclosure Document first filed and registered with applicable state authorities. A copy of the Franchise Disclosure Document can be obtained through contacting Choice Hotels International at 1 Choice Hotels Circle, Suite 400, Rockville, MD 20850, [email protected].
Choice Hotels International, Inc. (NYSE: CHH) is one of the largest lodging franchisors in the world. With more than 7,000 hotels, representing over 590,000 rooms, in over 40 countries and territories as of December 31, 2019, the Choice® family of hotel brands provide business and leisure travelers with a range of high-quality lodging options from limited service to full-service hotels in the upscale, midscale, extended-stay and economy segments. The award-winning Choice Privileges® loyalty program offers members benefits ranging from everyday rewards to exceptional experiences. For more information, visit www.choicehotels.com.
Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, our use of words such as "expect," "estimate," "believe," "anticipate," "should," "will," "forecast," "plan," "project," "assume," or similar words of futurity identify such forward-looking statements. These forward-looking statements are based on management's current beliefs, assumptions, and expectations regarding future events, which, in turn, are based on information currently available to management. Such statements may relate to projections of the company's revenue, earnings, and other financial and operational measures, our liquidity, our ability to assist franchisees through relief or other financial measures, our ability to minimize or manage disruptions posed by COVID-19, and the impact of COVID-19 and economic conditions on our future operations, among other matters. We caution you not to place undue reliance on any such forward-looking statements. Forward-looking statements do not guarantee future performance and involve known and unknown risks, uncertainties, and other factors.
Several factors could cause actual results, performance, or achievements of the company to differ materially from those expressed in or contemplated by the forward-looking statements. Such risks include, but are not limited to, continuation or worsening of COVID-19 pandemic; changes in consumer demand; the impact of COVID-19 on the global hospitality industry, particularly in the U.S. travel market, changes to general, domestic, and foreign economic conditions, including as a result of COVID-19; future global outbreaks of pandemics or contagious diseases or fear of such outbreaks; foreign currency fluctuations; operating risks common in the lodging and franchising industries; impairments or losses relating to acquired businesses, changes to the desirability of our brands as viewed by hotel operators and customers; changes to the terms or termination of our contracts with franchisees; our ability to keep pace with improvements in technology utilized for marketing and reservations systems and other operating systems; our ability to grow our franchise system; exposure to risks related to our hotel-development, ownership and financing activities; fluctuations in the supply and demand for hotels rooms; our ability to realize anticipated benefits from acquired businesses; the level of acceptance of alternative growth strategies we may implement; operating risks associated with our international operations, especially in areas currently most affected by COVID-19; the outcome of litigation; and our ability to manage our indebtedness. These and other risk factors are discussed in detail in the company's filings with the Securities and Exchange Commission, including our annual report on Form 10-K and our quarterly reports filed on Form 10-Q. Except as may be required by law, we undertake no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
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