WoodSpring Suites
 | |
| Formerly | Value Place |
|---|---|
| Company type | Extended Stay Hotel |
| Industry | Hotel |
| Founded | 2003 |
| Founder | Jack DeBoer |
Number of locations | 256 (as of December 31, 2024)[1] |
Area served | United States |
| Parent | Choice Hotels |
| Website | www |
WoodSpring Suites, originally named Value Place[2], is an extended stay hotel brand owned by Choice Hotels.[1] As of December 2024, there were 256 hotels with 30,846 rooms across the United States.[1]
Overview
[edit]
The hotel chain was founded as Value Place in 2003 by Jack DeBoer.[3] DeBoer, who kickstarted the extended-stay hotel segment back in the 1970s,[4] also founded Residence Inn, now owned by Marriott,[5] and Candlewood Suites, now owned by IHG.[6] The brand was pitched as hotel-apartment hybrid with a one-week minimum stay and a minimalist design.[7][8]
The first Value Place opened in Wichita, Kansas, in 2004.[9] Other early locations included a hotel in Lubbock, Texas, and several properties in Oklahoma City.[10] By 2009, the brand had almost 150 locations in operation.[11]
The brand underwent a revamp in 2013, when a new 123-room "Value Place 2.0" prototype debuted.[3] The aim was to reduce operational costs, making properties easier and quicker to clean. Other changes included new air-conditioning units, LED lights, and motion-controlled lighting.
In April 2015, the company changed its name from Value Place to WoodSpring Suites.[2][4] Bruce Haase, the CEO of WoodSpring at that time, remarked that customers had been "reluctant to stay with us because of what our brand name communicated to them".[12] At the time of the change, the company had 84 company-owned locations and 112 franchised locations.[13] 2015 also saw the arrival of a mid-priced spinoff brand, WoodSpring Suites Signature.[4] The spinoff featured a fitness center, laundry facilities, and meeting spaces.[14]
In December 2017, private equity-firm Lindsay Goldberg sold WoodSpring Suites brand and franchise to Choice Hotels for approximately $231 million.[15][6] At the time of acquisition the brand had around 240 locations.[16]
References
[edit]- ^ a b c "10-k for 2024". www.sec.gov. Retrieved June 30, 2025.
- ^ a b Turner, Shawn (April 23, 2015). "CEO: New Name Lifts Value Place Image". CoStar. Retrieved August 26, 2025.
- ^ a b Watkins, Ed (April 24, 2013). "New Generations of Extended-stay Brands". CoStar. Retrieved August 26, 2025.
- ^ a b c "Value Place Changing Name to WoodSpring Suites and Developing New Brand, WoodSpring Suites Signature". Hospitalitynet.org. 27 April 2015.
- ^ "WoodSpring Suites Celebrates the Grand Opening of Their First Namesake Hotel in Oklahoma City" (Press release). Business Wire. 18 August 2015.
- ^ a b "Choice Hotels to Acquire WoodSpring Suites Brand and Franchise Business". Choice Hotels International - Media Center.
- ^ "Choice Hotels Completes Acquisition Of WoodSpring Suites Brand And Franchise Business". markets.businessinsider.com. September 15, 2023.
- ^ Keller, Laurel A. (July 20, 2009). "Value Place: A Hotel/Apartment Fusion". Hotel & Leisure Advisors. Retrieved September 16, 2025.
- ^ Milligan, Michael (May 4, 2004). "DeBoer opens value-priced Value Place brand". Travel Weekly. Retrieved September 16, 2025.
- ^ "New hotel brand building three in OKC". The Journal Record. Retrieved September 16, 2025.
- ^ Keller, Laurel A. (July 20, 2009). "Value Place: A Hotel/Apartment Fusion". Hotel & Leisure Advisors. Retrieved September 16, 2025.
- ^ Turner, Shawn (April 23, 2015). "CEO: New Name Lifts Value Place Image". CoStar. Retrieved August 26, 2025.
- ^ King, Danny (April 23, 2015). "Value Place renamed WoodSpring Suites". Travel Weekly. Retrieved September 15, 2025.
- ^ WoodSpring Hotels. "WoodSpring Hotels Launches WoodSpring Suites Signature Prototype". hotel-online.com. Retrieved September 16, 2025.
- ^ Riley, Chloe (December 21, 2017). "Choice acquires WoodSpring". Hotels. Retrieved September 16, 2025.
- ^ "Choice to Acquire WoodSpring Suites for $231 Million". CoStar. December 18, 2017. Retrieved August 26, 2025.
