WoodSpring Hotels launched a new brand, WoodSpring Suites Signature, that will target mid-priced extended-stay business travelers. The company expects to break ground on 40 hotels in 2016. It'll construct more than 50 more in 2017, bringing the total to 100 new hotels in two years.
Construction cost for the new prototype ranges from $50k to $55k per key, excluding land.
The company currently has one 122-room hotel under construction. The project is located at the southeast corner of Highway 59 and Will Clayton Parkway at the entrance of the George Bush Intercontinental Airport. That's a 13-acre development with a WoodSpring Suites Signature Hotel, pad sites on Highway 59, and a proposed self-storage project on the back parcel.
It is being developed locally by Three VP Texas, LP and scheduled to open in May of 2016.
The company is on track to rebrand the majority of their portfolio of 200 hotels from Value Place to WoodSpring Suites by year’s end 2016.
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