Choice Hotels Expands Presence With New Suites in Key Markets
Choice Hotels Expands Footprint in the Extended Stay Market
Choice Hotels International, Inc. (NYSE: CHH) has been making significant strides in the extended stay segment. The growing demand for extended stay hotels has led to the opening of 17 new MainStay Suites and Suburban Studios since the start of the year. This expansion showcases the brand's best-in-class conversion capabilities and its commitment to meeting the evolving needs of travelers.
Key Markets for Hotel Openings
The new hotels have opened their doors in dynamic markets, including Las Vegas, Moreno Valley, Orlando, and Tampa. This strategic move enhances Choice Hotels' presence in vital regions, where the demand for extended stay accommodations aligns with their expansion goals. Notably, the hotel in Las Vegas marks the brand's second property in that market, indicating a strong belief in its potential.
Conversion Strategy Leads to Rapid Growth
Of the 17 new openings, 16 have been achieved through conversion, illustrating the effectiveness of Choice Hotels' business model. The company has an impressive track record of transforming existing properties into successful MainStay and Suburban suites, often within an average timeline of just 120 days from contract signing to opening day. This streamlined process contributes to the rapid growth within the extended stay segment.
Future Growth and Development
Looking ahead, there are nearly 70 properties in the pipeline for both MainStay Suites and Suburban Studios, with half of them being conversions. These properties are anticipated to open in a phased approach from September 2024 through March 2025. This pipeline not only reflects Choice Hotels' robust growth strategy but also its ability to respond to market demands efficiently.
Investing in Extended Stay Hospitality
The continued expansion in this vital segment of the hospitality industry signifies a promising investment opportunity. As the demand for extended stay hotels continues to outpace supply, owning these assets represents a strategic move for investors seeking to tap into the lucrative travel and tourism sector. Choice Hotels’ leadership and innovative approach position it favorably to capitalize on this expanding market.
Why Choose Choice Hotels?
With a solid reputation and extensive network, Choice Hotels stands out as a significant player in the extended stay market. The company's comprehensive understanding of consumer preferences, coupled with its efficient operational capabilities, ensures a high-quality stay for guests. As further hotels are expected to open, the brand's commitment to delivering excellent service and facilities remains unwavering, solidifying its status as a leader in hospitality.
Frequently Asked Questions
What is the significance of the new openings for Choice Hotels?
The new openings enhance their market presence and respond to the growing demand for extended stay accommodations.
How many hotels has Choice Hotels opened in 2024?
Choice Hotels has opened 17 new MainStay Suites and Suburban Studios since January 2024.
What is the typical conversion time for the new hotels?
The average time from contract signing to hotel opening is approximately 120 days.
Where are the new hotels located?
The new hotels are located in Las Vegas, Moreno Valley, Orlando, and Tampa.
What future developments can we expect from Choice Hotels?
Nearly 70 additional properties are in the pipeline, with half expected to be conversions during the upcoming years.
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