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LEISURE | Lodging
woodspring.com

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Founded Year

2003

Stage

Acquired | Acquired

Valuation

$0000 

About WoodSpring Suites

WoodSpring Hotels, dba WoodSpring Suites, provides extended stay accomondations.

WoodSpring Suites Headquarter Location

8621 East 21st Street North Suite 250

Wichita, Kansas, 67206,

United States

316-631-1370

Latest WoodSpring Suites News

Brookfield weighs $1.5B hotel portfolio sale

Nov 17, 2021

Bruce Flatt, chief executive officer, Brookfield Asset Management (CoStar Group, WoodSpring Suites, iStock) Brookfield Asset Management is weighing the sale of a portfolio of extended-stay hotels for up to $1.5 billion, Bloomberg reported, citing people familiar with the matter. The firm is reportedly working with an adviser in regards to a potential sale of its WoodSpring Suites collection, which provides affordable short and medium-term hotel stays without many services or amenities. The average length of stay is about 15 days, according to Bloomberg, significantly longer than the three-to-five day stays for other hotels, according to S&P Global Ratings analysts . In turn, the hotels are able to generate high margins. The brand is managed by Choice Hotels International. In April, Brookfield negotiated a deal with Hospitality Investors Trust that gave the Toronto-based firm control of 100 hotels as part of a Chapter 11 filing. Brookfield was the largest investor in the trust. News of the potential deal comes months after another extended-stay portfolio traded hands for a big price. Blackstone Group and Starwood Capital Group acquired the hotel chain for about $6 billion , at $19.50 per share. Both companies were previous investors in the hotel chain and the bid was later upped to $20.50 per share, a value of about $6.3 billion. Read more

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