 | |
| 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]
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. [8]
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". [2] At the time of the change, the company had 84 company-owned locations and 112 franchised locations. [11] 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. [12]
In December 2017, private equity-firm Lindsay Goldberg sold WoodSpring Suites brand and franchise to Choice Hotels for approximately $231 million. [13] [6] At the time of acquisition the brand had around 240 locations. [14]
