December 19, 2017
Willkie represents Choice Hotels in its acquisition of extended-stay hotel brand WoodSpring Suites.
Willkie client Choice Hotels International (NYSE: CHH), one of the world's largest hotel companies, announced it will acquire the brand and franchise business of extended-stay hotel brand WoodSpring SuitesSM from WoodSpring Hotels Holdings LLC, a portfolio company of Lindsay Goldberg, for approximately $231 million, subject to customary adjustments. The acquisition will add nearly 240 WoodSpring Suites properties in 35 states to the Choice Hotels portfolio, creating an extended-stay portfolio of more than 350 properties with existing brands, MainStay Suites® and Suburban Extended Stay®. The transaction is expected to close in the first quarter of 2018.
The acquisition of the WoodSpring Suites brand represents an asset light franchise business that complements Choice's existing extended-stay business with WoodSpring Suites' market leading capabilities. Additionally, Choice plans to hire the WoodSpring Suites franchise business employees and strengthen the existing multi-unit developer and franchisee relationships that have contributed to the success of the brand.
Choice Hotels International, Inc. (NYSE: CHH) is one of the world's largest hotel companies. With over 6,500 hotels franchised in more than 40 countries and territories, Choice Hotels International represents more than 500,000 rooms around the globe. As of September 30, 2017, over 800 hotels were in the development pipeline. The company's Ascend Hotel Collection®, Cambria® Hotels, Comfort Inn®, Comfort Suites®, Sleep Inn®, Quality®, Clarion®, MainStay Suites®, Suburban Extended Stay Hotel®, Econo Lodge®, Rodeway Inn®, and Vacation Rentals by Choice Hotels™ brands provide a spectrum of lodging choices to meet guests' needs.
The multidisciplinary Willkie deal team was led by partners Adam Turteltaub and Thomas Henry and included partners Henry Cohn, Mark Holdsworth and Daniel Alvarez; counsel Spencer Simon, Daniel Backer, Jonathan Konoff, Jeffrey Clancy; and associates Jonathan Kubek, Daniel Alster, Ann-Christine Stepien, Hyejin Jennifer Kim, Andre de Vos, Justin Elliott, Timothy DeKeyser and Alex Moyer.
