Choice Hotels Enters Strategic Venture with CapStar to Drive Hotel Development for Cambria hotels & suites Brand
March 16, 2016 11:52am
ROCKVILLE, Md., March 16, 2016 -- Choice Hotels International, Inc. (NYSE: CHH), one of the world's largest hotel companies, announced a new strategic venture with CapStar Hotel Company, an established and well-known hotel investment group, to help drive growth for the Cambria hotels & suites brand. The partnership will focus on the brand's new conversion strategy, in top urban areas, to bring hotels to market quickly based on strong consumer demand that comes on the heels of a strong growth year for Cambria hotels & suites.
As Choice's flagship brand in the upscale segment, Cambria hotels & suites signed 26 deals in 2015, and started off the New Year with the grand opening of its newest and largest property, Cambria hotel & suites Times Square. Additional new properties are set to open in major urban markets across the country, including Chicago, New Orleans and Los Angeles. In total, Cambria hotels & suites has more than 30 new locations in the pipeline.
"The growth we saw for the Cambria brand in 2015 was astounding, and with this new conversion approach and strategic venture with CapStar, we will continue to fuel that growth into 2016," said Steve Joyce, president and CEO of Choice Hotels International. "We are excited to partner with Paul Whetsell and CapStar. The team's experience and expertise in property acquisitions and conversions will be invaluable to the Cambria brand as we continue to build and grow in key urban markets across the country."
As part of the new conversion strategy, Cambria hotels & suites will begin to leverage adaptive reuse properties as part of its development strategy to help drive additional growth. Through this new approach, the Cambria brand plans to supplement other development efforts to create new opportunities in major urban markets.
The new strategic venture with CapStar Hotel Company is the latest in a line of successful strategic relationships Choice and the Cambria brand have executed with a collection of the industry's top developers, including Concord Hospitality Enterprises, Fillmore Hospitality, Fillmore Capital Partners, Meyer Jabara Hotels, O'Reilly Hospitality Management and Murphy Asset Management.
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choice hotels international,
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Cambria hotels & suites makes business travel easier—and more fun—than ever before. Offering modern décor, rooms that feel like an upgrade, and fresh, local cuisine at our Social Circle™ restaurant, Cambria makes every guest feel like a VIP. There are currently 25 properties open across the country and 30 under development in the U.S. and Canada. To learn more, visit www.cambriahotelsandsuites.com.
Choice Hotels International, Inc. (NYSE: CHH) is one of the world's largest lodging companies. With more than 6,400 hotels franchised in more than 35 countries and territories, Choice Hotels International® represents more than 500,000 rooms around the globe. As of December 31, 2015, 720 hotels were in our development pipeline. Our company's Ascend Hotel Collection®, Cambria® hotels & suites, Comfort Inn®, Comfort Suites®, Sleep Inn®, Quality®, Clarion®, MainStay Suites®, Suburban Extended Stay Hotel®, Econo Lodge®, Rodeway Inn®, and Vacation Rentals by Choice Hotels™ brands provide a spectrum of lodging choices to meet guests' needs. With more than 25 million members and counting, our Choice Privileges® rewards program enhances every trip a guest takes, with benefits ranging from instant, every day rewards to exceptional experiences, starting right when they join. All hotels and vacation rentals are independently owned and operated. Visit us at www.choicehotels.com for more information.
Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, our use of words such as "expect," "estimate," "believe," "anticipate," "should," "will," "forecast," "plan," "project," "assume" or similar words of futurity identify such forward-looking statements. These forward-looking statements are based on management's current beliefs, assumptions and expectations regarding future events, which in turn are based on information currently available to management. Such statements may relate to projections of the company's revenue, earnings and other financial and operational measures. We caution you not to place undue reliance on any such forward-looking statements. Forward-looking statements do not guarantee future performance and involve known and unknown risks, uncertainties and other factors.
Several factors could cause actual results, performance or achievements of the company to differ materially from those expressed in or contemplated by the forward-looking statements. Such risks include, but are not limited to, changes to general economic conditions and operating risks common in the lodging and franchising industries. These and other risk factors are discussed in detail in the company's filings with the Securities and Exchange Commission including our annual reports on Form 10-K and our quarterly reports filed on Form 10-Q. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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