WoodSpring Continues to Grow in Chicagoland
- Jul 13, 2017
WoodSpring Hotels’ rapid national expansion continues with construction presently underway on suburban Chicago’s WoodSpring Suites Tinley Park in Tinley Park, Ill. The company is bringing the 123-suite economy extended-stay property to life in a partnership with development partner Holladay Properties.
With an address of 18644 West Creek Dr., the four-story WoodSpring Suites will rise roughly 30 miles south of downtown Chicago, with Holladay subsidiary Holladay Construction Group spearheading building activity. The approximately 50,000-square-foot property marks the partners’ third WoodSpring Suites in the Chicago area; the other two properties are in Romeoville and Darien, Ill.
“With its existing Illinois-based WoodSpring portfolio, Holladay Properties is a proven local player in the extended-stay segment and the ideal franchise partner to help us grow the brand throughout the Midwest,” Ron Burgett, executive vice president of franchise development and operations for WoodSpring Hotels, said in a prepared statement. There will be more to come from this team, as Holladay holds exclusive rights to develop WoodSpring locations in the Chicago area, where it plans to deliver a total of 15 of the branded hotels.
WoodSpring Suites Tinley Park is on track to welcome its first guests in February 2018.
Right place, right time
WoodSpring and Holladay’s sizeable Chicago-area development pipeline speaks volumes about the metropolitan Chicago market. “Improvements in the economy and an increase in public and private investments have led to continued growth in hotel demand, with positive RevPAR growth year-over-year since 2009,” hospitality intelligence provider HVS notes in its hotel valuation index. “Given the vibrant economic environment of the city and an influx of foreign investment, the outlook for the lodging market in Chicago remains positive for the long term.”
Chicago experienced a record 54.1 million visitors in 2016, but the city is hardly the only Midwestern town that makes the cut in WoodSpring’s expansion program. Earlier this year, the hospitality company announced it would erect a WoodSpring Suites near Miller Park in Milwaukee.
Image courtesy of Holladay Properties