Extended-stay hotel chain Value Place has changed its name to WoodSpring Suites in an effort to broaden its customer reach.

The company’s 196 hotels in 32 U.S. states will adopt the new name. A WoodSpring Suites Signature sub-brand will debut later this year.

The closely held company, which owns 84 of its properties outright, was renamed to “better communicate the quality of our product, and allow us to expand our reach to new customer segments,” said President Kyle Rogg in a statement.

Value Place was founded in 2003 by Jack DeBoer, who also founded extended-stay brands Residence Inn, Summerfield Suites (now Hyatt House) and Candlewood Suites.

JDS Travel News JDS Viewpoints JDS Africa/MI