One of the largest international hotel groups is set to acquire a Wichita-based company in a $231 million deal.
“Like Choice Hotels, WoodSpring Suites has demonstrated exceptional customer service, attractive franchisee return on investment, and tremendous growth,” Choice Hotels president and CEO Patrick Pacious said in a statement.
“The addition of the WoodSpring Suites brand will allow us to strengthen our scale within the attractive extended-stay segment, expand our runway for growth, and continue to create value for our customers, franchisees and shareholders.”
WoodSpring began as Value Place, a company that Wichitan Jack DeBoer founded in 2003.
In 2013, DeBoer received a $100 million investment from New York-based private equity firm Lindsay Goldberg in order to grow the brand more quickly.
In 2015, Value Place rebranded to Woodspring Suites.
Over the years, Lindsay Goldberg has acquired an increasing share of the company. It’s not clear how much, if any, ownership DeBoer has now. DeBoer couldn’t immediately be reached for comment.
In a statement, Woodspring president and CEO Gary DeLapp said WoodSpring and Choice Hotels share the same type of values.
“We are thrilled that our brand will join the powerful value proposition that Choice Hotels offers and know our commitment to providing the best guest experience will remain a priority.”
Check back later today for more information.