Having assembled a various lineup of extended-stay flags over the previous a number of years via each model improvement in addition to acquisition, Selection Resorts Worldwide is celebrating the opening of its 500th property within the in style section.
The corporate acknowledged the milestone on the newly opened Everhome Suites in Glendale, Arizona, which represents the sixth property for the brand new development midscale extended-stay model launched in 2020. Matt McElhare, vp and section lead for extended-stay manufacturers, Selection Resorts Worldwide, detailed the importance of the occasion.
“This milestone is in some methods I believe a validation of the technique that we put in place again in 2018 to actually lean into the section,” he advised LODGING.
Moreover, as of the top of Q2 2024, Selection had practically 400 resorts within the pipeline throughout its 4 extended-stay manufacturers: Everhome Suites, WoodSpring Suites, Suburban Studios, and MainStay Suites. Selection has the fastest-growing financial system extended-stay portfolio and leads within the financial system new development class, in accordance with August 2024 STR Pipeline Information.
McElhare additional touted the corporate’s inexpensive extended-stay pipeline.
“Having 500 resorts within the midscale [segment] and beneath actually gives us with unparalleled scale, notably when you concentrate on the very fact we’ve bought one other 400 resorts in improvement. That may permit us to proceed to spend money on new industrial capabilities, new sources, and assist instruments and in methods to assist our builders get offers achieved,” he stated.
With the addition of Glendale, Selection now has six Everhome Suites open and greater than 65 within the pipeline, together with over 20 underneath development, 15 of that are anticipated to open inside the subsequent 12 months. In the meantime, WoodSpring Suites—an financial system extended-stay model that the corporate acquired in 2017—is anticipated to succeed in the 300-milestone inside the subsequent 12-18 months, in accordance with McElhare. The model is on monitor for a document yr with a forecast of 25 openings by year-end.
McElhare additional elaborated on the continued evolution of WoodSpring Suites, a lot of which had been renovated and repositioned from the financial system Worth Place chain. “We will probably be a very reworked model after we cross that 300-hotel milestone. That offers me such confidence as a result of it’s about to get actually aggressive for [extended-stay] visitors and new product that’s top quality is a differentiator,” he stated.
Selection additionally opened 13 MainStay Suites and Suburban Studios between January 1 and September 2024 within the markets of Las Vegas, Nevada; Moreno Valley, California; and Orlando and Tampa, Florida.
The 122-room Everhome Suites Glendale was developed in collaboration with the Highside Firms and is managed by Superhost Hospitality. Based on McElhare, who described the Everhome Suites model as having “500-hotel potential,” it was notably applicable for this lodge to mark the event.
“We’re thrilled to have the ability to rejoice this milestone with that model in probably the most perfect marketplace for a model like that with big progress and RevPAR potential. The lodge’s solely been open for 4 weeks and we’ve already had a sellout. I believe it’s very indicative of our technique, which is to focus on high-premium markets and get in first with a very good product, a robust operations companion, and let that form of construct the proof of idea for the model,” he stated.
