Yahoo Finance Choice Hotels' (CHH) Everhome Suites Expands With 3 New Hotels
Choice Hotels International, Inc. CHH will expand the footprint of one of its extended stay brands, Everhome Suites, with three new properties across the Northeast markets of the United States.
Developed in partnership with Highside Companies, the new extended stay properties will be located in Portsmouth, NH; Rochester, NY; and Somerset, NJ. The properties are named Everhome Suites Portsmouth, Everhome Suites Rochester and Everhome Suites Somerset, and are expected to open for service in the summer, spring and fall of 2025, respectively.
The new properties will house amenities including a selected number of premium one-bedroom suites, a fully equipped kitchen in every room, spa-style bathrooms, ample storage availabilities, a multipurpose lobby, communal outdoor space, 24/7 fitness center and related services.
The growing demand for extended stays in these locations makes Everhome Suites the perfect fit for fulfilling the needs of business as well as leisure travelers.
Focus on Extended Stay Properties Bodes Well
Choice Hotels’ initiatives to expand in domestic and international markets are encouraging. Its distinctive unit growth strategy remains effective, bolstering the appeal of its brands. Introduced in 2023, the company’s Everhome Suites extended stay brand is going strong with four hotels already open. The brand is generating significant interest among developers with approximately 70 domestic projects in the pipeline including 20 under construction. As of the first quarter of 2024, more than 10 properties under the brand are expected to open by 2025.
Other than Everhome Suites, Choice Hotels has three more extended stay properties — WoodSpring Suites, Mainstay Suites and Suburban Extended Stay Hotel. As of the first quarter, under this property category, the company had nearly 40 hotels open and more than 400 properties in the pipeline across its four extended-stay brands.
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Shares of this global hotel franchisor have gained 0.5% in the past six months compared with the Zacks Hotels and Motels industry’s 11.7% growth. Although shares of CHH have underperformed its industry, its focus on strategic expansion initiatives, hotel conversion opportunities and diversified product portfolio are likely to boost growth momentum in 2024 and beyond.
Zacks Rank & Key Picks
Choice Hotels currently carries a Zacks Rank #3 (Hold).
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