SAN FRANCISCO BAY AREA
WoodSpring Hotels entered into an agreement with West77 Partners to develop up to 25 hotels throughout the greater San Francisco Bay Area, the first expected to open in late 2016.
This marks the second development agreement between the Bellevue, Wash.-based West77 Partners and WoodSpring hotels. The first agreement included the construction of multiple hotels in the greater San Francisco area and Washington state over the next several years.
Several hotels already are in the development stage.
West77 Partners and its San Francisco-based partner, Keystone National Group, LLC, have a proven track record in both multifamily and commercial developments throughout the West Coast.
“WoodSpring is a great fit for West77 Partners. Our focus has been in investing in real estate located in major West Coast gateway markets with a hospitality focus,” said Mike Nielson, principal at West77 Partners. “WoodSpring Hotels is renowned for its precise operating model, which attracted us. With a stronger expected return on investment than more traditional, nightly-stay hotels, coupled with our ability to build out a new region of the country for WoodSpring Hotels, we feel we have the right franchise partner.”
WoodSpring Hotels Management plans on managing the new portfolio on behalf of West77 Partners.
“West77 Partners has the energy and expertise to aggressively introduce our hotel concept to a new customer base into another major West Coast market,” said Ron Burgett, EVP for WoodSpring Hotels. “Partnering with West77 Partners in the state of Washington was a fantastic opportunity for both of us, and we are excited to strengthen the partnership with this announcement.”