Extended Stay America Announces Deal for 15 Extended Stay America Premier Suites With Concord Hospitality & Whitman Peterson JV
Main Photo: The newly-opened Extended Stay America Premier Suites Augusta
Date: October 2022
Name: Extended Stay America Premier Suites
Locations: Major US cities to include: Denver, Colorado; Phoenix, Arizona; Las Vegas, Nevada; and Salt Lake City, Utah
Number of Keys: TBA
Brand Owner: Extended Stay America
Development Partners: Concord Hospitality, a well-known hotel developer, owner and operator, started in 1985 with over 100 properties under it’s belt, with major brands such as Marriott, Hyatt, Hilton and the usual suspects….and Whitman Peterson, a real estate private equity company, founded in 2010, have have raided 5 institutional funds that have been involved in the acquisition or development of 150 plus properties, with an aggregate capitalisation of more than $20 billion. Their investments are across most major markets in the U.S. and also in the UK and Latin America
Extended Stay America announced today it signed a development agreement with a partnership comprised of Concord Hospitality and Whitman Peterson to develop 15 new Extended Stay America Premier Suites hotels. The properties will be located in major markets throughout the Western United States, including Denver, Colorado; Phoenix, Arizona; Las Vegas, Nevada; and Salt Lake City, Utah.
“We are extremely excited to be announcing the addition of 15 new properties to our Extended Stay Premier Suites brand through this venture with Concord and Whitman Peterson,” said Greg Juceam, President & CEO, Extended Stay America. “These new Extended Stay America Premier Suite locations continue our strategy of growing this brand and our franchise pipeline. We look forward to working with Concord Hospitality and Whitman Peterson as they develop the hotels in these markets.”
Concord Hospitality is an award-winning hotel management and development company located in Raleigh, North Carolina, and will be handling the development, branding, and operations of the properties. Whitman Peterson is a private real estate equity company making and actively managing opportunistic real estate investments on behalf of institutional investors located in Westlake Village, California. It will provide equity, identify markets and assist with development.
“Extended Stay America Premier Suites has a unique business model that will allow us to reach business and corporate extended stay travelers looking for a higher level of amenities,” said Mark Laport, CEO & President, Concord Hospitality. “This agreement is the first step in increasing our presence in the higher end extended stay segment.”
Extended Stay America Premier Suites comprises both new construction as well as renovated properties with upgraded amenities, including fully equipped kitchens, spacious apartment-style layouts for working and dining, free in-room wi-fi, premium cable, on-site guest laundry, free healthy breakfast offering, and upgraded design elements like larger TVs, increased storage space and a signature bedding package.
“We are pleased to be able to grow Extended Stay America Premier Suites through this unique partnership with Concord and Extended Stay America,” said Paul Novak, Executive Director – Lodging, Whitman Peterson. “We have chosen markets ideal for a premium extended-stay product.”
Extended Stay America currently has 28 Extended Stay America Premier Suites open and operating throughout the United States.
Price: Undisclosed
THPT Comment: These major players, Concord and Whitman Peterson clearly have great faith in the Extend Stay America brand…Well done all
First Seen: Hotel News Resource
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