Choice Hotels International has agreed to acquire the WoodSpring
Suites brand and franchise agreements from private-equity firm Lindsay Goldberg.
Choice will pay about $231 million for WoodSpring Suites,
which franchises almost 240 extended-stay hotels across 35 states.
With the acquisition, Choice will triple its extended-stay
presence. Choice already has 115 hotels under its MainStay and Suburban brands.
WoodSpring Suites was founded in 2003 as Value Place by Jack
DeBoer, who also founded the Residence Inn and Candlewood Suites brands. Value
Place was renamed WoodSpring Suites in 2015.