How Choice Hotels is Growing Extended Stay Business
No Vacancy Live and No Vacancy News
Release Date: 11/13/2024
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info_outlineIn this episode, Matt McElhare, VP of Extended Stay at Choice Hotels International Hotels, shares exciting insights on the rapid growth of the extended stay segment.
From reaching the milestone of 500 extended stay hotels to discussing the brand’s innovative strategies, Matt highlights the future of this booming hospitality sector.
🔑 Key Highlights:
500th Extended Stay Opening: How Choice Hotels has scaled from 100 to 500 extended stay properties since 2018.
Growth Driven by Woodspring Suites: Insights into the acquisition of Woodspring and its role in driving rapid expansion.
Four Extended Stay Brands: Everhome Suites, Woodspring Suites, MainStay Suburban, and Suburban — each with a unique market strategy.
Reinventing Suburban & MainStay Brands: How Choice Hotels is revitalizing these brands with new strategies like the "kitchen in a box" and "lobby in a box" models.
Everhome's Market Opportunity: A look into Everhome’s focus on the high-potential midscale segment of extended stay hotels.
Extended Stay Conversions: Choice Hotels’ approach to converting select service hotels into extended stay properties for quicker market entry and increased profitability.
Impact of Interest Rates & Financing: Matt shares insights on how interest rate cuts and proven product performance are helping developers secure financing and grow in the extended stay space.
The Future of Extended Stay: With 400 more hotels in the pipeline, Choice Hotels plans to continue its aggressive expansion strategy.
🎧 Listen to the full conversation to learn why extended stay is the hottest segment in hospitality today!
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