WoodSpring Hotels, Operators of the Value Place and WoodSpring Suites Brands, Reports Strong Third Quarter 2015 Results

Third Quarter Revenue Increased by 18.4 Percent and Corporate Hotel Comparable RevPAR Grows 5.4 Percent

WICHITA, Kan.--()--WoodSpring Hotels, operators of the WoodSpring Suites and Value Place brands, the nation’s fastest growing extended-stay hotel company, today released its third quarter 2015 results.

“WoodSpring Hotels is having a strong year, and we’re looking for this positive trend to continue into 2016. With a strong pipeline, we are executing against our strategy to aggressively expand both the WoodSpring and Value Place brands across the U.S.”

Third Quarter 2015 Highlights:

  • The company’s revenue increased by 18.4 percent to $34.7 million as compared to the third quarter of 2014.
  • System-wide hotel room revenue improved to $65.2 million, an increase of 7.6 percent over third quarter of 2014.
  • Comparable corporate hotel room revenue per available room (RevPAR) rose 5.4 percent as compared to third quarter of 2014, including a 7.5 percent average daily rate increase.
  • Comparable corporate hotels (74 properties) generated EBITDA margins of 49.0 percent.
  • The company executed five hotel license agreements.
  • System-wide, four hotels opened.
  • System-wide, hotels in the pipeline include 58 under active development and 13 under construction.

Year-to-Date 2015 Highlights:

  • The company’s revenue increased by 20.9 percent to $97.8 million as compared to the same period in 2014.
  • Royalty revenue grew by 7.0 percent as compared to the same period in 2014.
  • System-wide hotel room revenue advanced to $184.1 million, an increase of 10.9 percent over the same period of 2014.
  • Comparable system-wide hotel room revenue per available room (RevPAR) rose 5.0 percent as compared to the same period of 2014, including a 7.8 percent average daily rate increase.
  • Comparable corporate hotel (74 hotels) revenue per available room (RevPAR) expanded by 8.2 percent as compared to the same period in the prior year.
  • Comparable corporate hotels (74 properties) generated EBITDA margins of 49.3 percent for the first 9 months of 2015.

“We had a very solid third quarter with great demand from both our consumers and developers. Year-over-year RevPAR continues to increase, and we’re seeing this driven not only by our typically high occupancy rate, but by a healthy average daily rate increase as well,” said Bruce Haase, chief executive officer of WoodSpring Hotels.

“WoodSpring Hotels is having a strong year, and we’re looking for this positive trend to continue into 2016. With a strong pipeline, we are executing against our strategy to aggressively expand both the WoodSpring and Value Place brands across the U.S.,” added Haase.

WoodSpring Hotels, which had record growth in 2014, is focused on strategic expansion across the U.S. through corporate- and franchise-owned development. The company expects to break ground on more than 30 additional properties over the next six months. Expansion plans through 2017 include the addition of corporate and franchised properties in major metropolitan markets such as Los Angeles, Chicago, Philadelphia, Boston, Seattle, Miami, Portland and Minneapolis.

 
System-Wide Hotel Activity, Q3 2015
Openings       Owner       Date Opened
Oklahoma City, OK Corporate 07/31/2015
Colorado Springs, CO Corporate 08/25/2015
Denver, CO Corporate 09/25/2015
Chattanooga, TN Franchisee 09/30/2015
 
Under Construction
Miami, FL Corporate
Wilkes Barre, PA Franchisee
Fargo, ND Franchisee
Allentown, PA Franchisee
San Angelo, TX Franchisee
Columbus, OH Franchisee
Dallas, TX Franchisee
Tulsa, OK Franchisee
Tampa, FL Franchisee
Frederick, MD Franchisee
Lafayette, LA Franchisee
Nashville, TN Franchisee
Chicago, IL       Franchisee        
 

About WoodSpring Hotels

WoodSpring Hotels is the company behind the nation’s fastest growing value extended stay hotel brand with 198 hotels system-wide located in 30 states. The company owns 87 hotels and provides management services for both company-owned and franchised locations under the WoodSpring Suites and Value Place brands. WoodSpring Suites, as well as its enhanced brand extension, WoodSpring Suites Signature, are hotels for good people with practical needs, down-to-earth attitudes and a comfortable style, and who appreciate the value of life’s necessities – done really well. For more information, visit www.WoodSpringFranchise.com.

Contacts

WoodSpring Hotels
Chris Daly, media
703-435-6293
chris@dalygray.com

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Release Summary

WoodSpring Hotels, operators of the WoodSpring Suites and Value Place brands, the nation’s fastest growing extended-stay hotel company, today released its third quarter 2015 results.

WoodSpring Hotels