Extended Stay America Signs deal for 15 Extended Stay America Premier Suites
New construction properties will be located in major cities across the Western United States
Extended Stay America announced today it signed a development agreement with a partnership comprised of Concord Hospitality and Whitman Peterson to develop 15 new Extended Stay America Premier Suites hotels. The properties will be located in major markets throughout the Western United States, including Denver, Colorado; Phoenix, Arizona; Las Vegas, Nevada; and Salt Lake City, Utah.
"We are extremely excited to be announcing the addition of 15 new properties to our Extended Stay Premier Suites brand through this venture with Concord and Whitman Peterson," said Greg Juceam, President & CEO, Extended Stay America. "These new Extended Stay America Premier Suite locations continue our strategy of growing this brand and our franchise pipeline. We look forward to working with Concord Hospitality and Whitman Peterson as they develop the hotels in these markets."
Concord Hospitality is an award-winning hotel management and development company located in Raleigh, North Carolina, and will be handling the development, branding, and operations of the properties. Whitman Peterson is a private real estate equity company making and actively managing opportunistic real estate investments on behalf of institutional investors located in Westlake Village, California. It will provide equity, identify markets and assist with development.
"Extended Stay America Premier Suites has a unique business model that will allow us to reach business and corporate extended stay travelers looking for a higher level of amenities," said Mark Laport, CEO & President, Concord Hospitality. "This agreement is the first step in increasing our presence in the higher end extended stay segment."
Extended Stay America Premier Suites comprises both new construction as well as renovated properties with upgraded amenities, including fully equipped kitchens, spacious apartment-style layouts for working and dining, free in-room wi-fi, premium cable, on-site guest laundry, free healthy breakfast offering, and upgraded design elements like larger TVs, increased storage space and a signature bedding package.
"We are pleased to be able to grow Extended Stay America Premier Suites through this unique partnership with Concord and Extended Stay America," said Paul Novak, Executive Director - Lodging, Whitman Peterson. "We have chosen markets ideal for a premium extended-stay product."
Extended Stay America currently has 28 Extended Stay America Premier Suites open and operating throughout the United States.
About Concord Hospitality
As an award-winning hotel development and management company, Concord Hospitality Enterprises Company has spent the last three decades successfully growing the company's portfolio, which includes premium-branded properties across the United States and Canada. Recognized as one of the top 10 management companies in North America, Concord Hospitality creates benefits for its partners and associates by leveraging its operations, development, sales and marketing, technology, accounting, and operational management expertise to continue to grow its portfolio of best-in-class hotels. The company believes its people are its greatest strength. With the brightest talent, the most innovative processes and a commitment to giving back to the communities where associates live and work, Concord Hospitality is committed to being a great place to work for all. Learn more at concordhotels.com.
About Whitman Peterson
Whitman Peterson is a real estate private equity company investing in and actively managing opportunistic real estate investments of large institutional investors. Since late 2010, Whitman Peterson has raised four institutional funds and has invested in the acquisition or development of more than 200 properties, with an aggregate capitalization of more than $25 billion. The firm has investments across 30+ markets in the US and has investments in London. Whitman Peterson and Concord Hospitality have a long-standing, strategic partnership, involving the development and acquisitions of high-quality hotels and short-term rental properties throughout the United States.
About Extended Stay America
Extended Stay America® is the leading extended stay hotel brand in the U.S., with approximately 760 hotels comprising close to 85,000 rooms. Its extended stay brand family includes Extended Stay America Suites®, Extended Stay America Premier Suites®, and Extended Stay America Select Suites. All locations are ready to welcome guests with genuine care and value. For more information on Extended Stay America, visit www.esa.com.