WoodSpring Suites, originally named Value Place,[2] is an extended stay hotel brand owned by Choice Hotels.[1] As of December 2024, there were 256 hotels with 30,846 rooms across the United States.[1]
The hotel chain was founded as Value Place in 2003 by Jack DeBoer.[3] DeBoer, who kickstarted the extended-stay hotel segment back in the 1970s, also founded Residence Inn, now owned by Marriott,[4]
The first Value Place opened in Wichita, Kansas, in 2004.[7] Other early locations included a hotel in Lubbock, Texas, and several properties in Oklahoma City.[8] By 2009, the brand had almost 150 locations in operation.[6]
The brand underwent a revamp in 2013, when a new 123-room "Value Place 2.0" prototype debuted.[3] The aim was to reduce operational costs, making properties easier and quicker to clean. Other changes included new air-conditioning units, LED lights, and motion-controlled lighting.
In April 2015, the company changed its name from Value Place to WoodSpring Suites.[2] Bruce Haase, the CEO of WoodSpring at that time, remarked that customers had been "reluctant to stay with us because of what our brand name communicated to them".[2] At the time of the change, the company had 84 company-owned locations and 112 franchised locations.[9] 2015 also saw the arrival of a mid-priced spinoff brand, WoodSpring Suites Signature.[10] The spinoff featured a fitness center, laundry facilities, and meeting spaces.[11]
In December 2017, private equity-firm Lindsay Goldberg sold WoodSpring Suites brand and franchise to Choice Hotels for approximately $231 million.[12][13] At the time of acquisition the brand had around 240 locations.[14]
