WoodSpring Hotels Makes Major Deal in SF
- Sep 16, 2016
“WoodSpring is a great fit for West77 Partners. Our focus has been in investing in real estate located in major West Coast gateway markets with a hospitality focus,” Mike Nielson, West77 Partners’ principal, said in a prepared release. “WoodSpring Hotels is renowned for its precise operating model which attracted us. With a stronger expected return on investment than more traditional, nightly-stay hotels, coupled with our ability to build out a new region of the country for WoodSpring Hotels, we feel we have the right franchise partner.”
The development agreement is the second between the two companies, following a collaboration on multiple hotels in the greater San Francisco area and Washington state over the next several years. The first of these properties is expected to open later in 2016.
“West77 Partners has the energy and expertise to aggressively introduce our hotel concept to a new customer base into another major west coast market,” Ron Burgett, WoodSpring Hotels’ EVP, said in the release. “Partnering with West77 Partners in the state of Washington was a fantastic opportunity for both of us, and we are excited to strengthen the partnership with this announcement.”
WoodSpring Hotels Property Management will manage the new portfolio on behalf of West77 Partners.
According to the latest Marcus & Millichap San Francisco market report, tourism remains a vital driver of the local economy, with a well-developed infrastructure for tourists and conventioneers alike. Over 16 million people visit San Francisco, bringing an additional $8.5 billion in revenue to the region every year.
Image courtesy of woodspring.com