WICHITA, Kan.--(BUSINESS WIRE)--WoodSpring Suites, operators of the nation’s fastest growing value segment extended-stay hotel brand, today released its first quarter 2015 results.
First Quarter 2015 Highlights:
- The Company’s revenue increased by 26.5 percent to $30.3 million as compared to the first quarter of 2014
- Royalty revenue increased by 7.9 percent to $1.7 million as compared to first quarter in 2014
- System-wide hotel room revenue was $57.3 million, an increase of 13.5 percent over first quarter of 2014
- Comparable system-wide hotel room revenue per available room (RevPAR) rose 9.9 percent as compared to first quarter of 2014; the result of a 9.9 percent average daily rate increase
- Comparable corporate hotel room revenue per available room (RevPAR) rose 14.3 percent as compared to first quarter of 2014; the result of a 12.2 percent average daily rate increase and a 150 basis point increase in occupancy
- Corporate hotels (82 properties) generated EBITDA margins of 49.3 percent
- The company executed 7 hotel license agreements during the quarter
- System-wide there were 8 hotels under construction, including 6 company-owned hotels
- System-wide, 3 hotels were opened during the quarter
“Our strong first quarter results build on last year’s record financial performance and demonstrate that our long term growth platform is working,” said Bruce Haase, CEO of the company. “To further expand our network, gain access to new markets and customer segments, and continue to drive RevPAR growth, we recently announced a new name and brand identity, WoodSpring Suites. In addition, the Company is developing a unique new product offering, WoodSpring Suites Signature which will appeal to less price sensitive guests in high value markets. We are confident this strategy will further fuel our growth and profitability and take the Company to the next level.”
The company announced the name change and new line extension last week at its annual conference in Orlando. All hotels currently operate under the Value Place brand and are expected to begin transitioning to the WoodSpring Suites brand later this year.
“Developer and associate feedback on WoodSpring Suites has been extremely positive,” said Kyle Rogg, President and Chief Operating Officer. “And our extensive market research for the new brand confirms that it’s a hit with guests, too.”
”We’re firing on all cylinders now, with franchise demand at an all-time high,” said Rogg.
The Company continues to achieve national recognition for the success of its franchise operations. In January, Franchise Business Review named the company a Top 50 Franchise for the fourth consecutive year, and the hotel category winner for 2015. The company was named by Forbes magazine in 2014 as the top hotel franchise in the US and recognized as one of 2014’s Top 500 Franchises by Entrepreneur magazine.
|System-Wide Hotel Activity, Q1 2015|
|Virginia Beach, VA||Franchisee||3/3/2015|
|Ft Lauderdale, FL||Corporate|
|Colorado Springs, CO||Corporate|
|Oklahoma City, OK||Corporate|
About WoodSpring Suites:
WoodSpring Suites, formerly Value Place, is the nation’s fastest growing value extended stay hotel brand with 196 hotels located in 32 states. The company owns 84 of the properties and provides management services for both company-owned and franchised locations. WoodSpring Suites, as well as its enhanced brand extension, WoodSpring Suites Signature, are hotels for good people with practical needs, down-to-earth attitudes and a comfortable style, and who appreciate the value of life’s necessities – done really well. For more information, call 316-631-1370 or visit www.WoodSpringFranchise.com.