|SILVER SPRING, Md., March 16, 1999 - Choice Hotels
International (NYSE: CHH) today announced a development incentive program
designed to spur growth of its MainStay Suites extended-stay hotel brand
Choice has established a program that awards a cash incentive of $125,000 each to the first 100 MainStay Suites projects that meet program standards. The program, which will expire November 15, 1999, will provide for cash incentives, taking the form of 10-year development loans forgivable at the end of the term.
"The profit potential for MainStay Suites developers continues to be significant," said Charles A. Ledsinger, Jr., president and chief executive officer. "The extended stay market is vastly underserved, and our MainStay Suites brand offers the amenities and price point that extended stay guests want. Our aim in establishing this capital commitment is to accelerate growth of the brand at this opportune time while maintaining the standards and consistency that make MainStay Suites a winning brand."
To be eligible for the incentive, properties must be in a predefined target area and franchisees must adhere to all specified brand standards. Groundbreaking must occur within six months of deal acceptance. Currently, there are 23 MainStay Suites hotels open and another 10 under construction. Launched in 1996, MainStay Suites hotels are designed to fill the gap between existing upscale and basic extended-stay lodging products. MainStay Suites hotels are 80- to 100-unit, two- or three-story buildings with a combination of studio and one-bedroom suites. All suites feature fully equipped kitchens with appliances and a generous dinning area/workspace.
A unique feature of the brand is the Mariner Express Service Kiosk, an automated self-service system that lets travelers check in and check out with ease at any time of the day or night. The kiosk also provides information about area businesses, restaurants and attractions.
MainStay Suites hotels are located close to corporate facilities, office parks, hospitals, medical centers and high-growth residential areas.
For more information on the program, contact Yogi Rawal, director, MainStay Suites, at 301-592-5188. With more than 4,000 hotels open or under development in 36 countries, Choice Hotels International is the world's second largest lodging franchisor. In addition to MainStay Suites, brands franchised by Choice include Comfort, Quality, Clarion, Sleep Inn, Econo Lodge and Rodeway Inn.
MainStay Suites, Mariner Express Service Kiosk, Comfort, Quality, Clarion, Sleep Inn, Econo Lodge and Rodeway Inn are registered trademarks and service marks of Choice Hotels International, Inc.
|Also See:||Sunburst to Scaleback Development of MainStay(R) Suites from the Previous rate of 15-20 a Year / Sept 1998|
|Occupancy Leader for Choice Brands in 1998; Comfort Suites at 68.2% (Rodeway Last at 49.9%) / Feb 1999|