11 hotel portfolio rebrands as WaterWalk
Extended Stay by Wyndham
PARSIPPANY, N.J., April 2,
2024 /PRNewswire/ -- Wyndham Hotels & Resorts is
expanding into the upscale extended stay segment, launching a
strategic relationship with industry innovator WaterWalk. The deal
adds 11 hotels and over 1,500 rooms to the Wyndham ecosystem,
rebranding them under the newly created WaterWalk Extended Stay by
Wyndham brand, the 25th in Wyndham's
portfolio. Located in key markets such as Tucson, Jacksonville and Wichita, the offerings
perfectly compliment Wyndham's existing economy and midscale
extended stay brands and cater to guests seeking a local, yet
elevated stay with the comforts of home.
"In the last year, guest demand for the extended stay segment
reached record highs, which has been underscored by demand from
owners and developers looking for new opportunities to partner
with Wyndham. Our vision is to offer the industry's most
robust portfolio of extended stay brands and the addition of
WaterWalk marks an important step in that direction—helping ensure
we have an offering in every segment, for every owner and for every
guest."
- Chip Ohlsson,
Chief Development Officer, Wyndham Hotels & Resorts
An Innovative Approach to Extended Stay
WaterWalk was founded by the late Jack
DeBoer, an extended-stay trailblazer who not only pioneered
the segment but created some of its most well-known and successful
brands, including among others, Residence Inn and Candlewood
Suites. A wildly successful entrepreneur and industry visionary, he
created WaterWalk in 2014, leveraging the learnings of his past
successes while also reimagining what an extended stay hotel could
be. Today, his leadership, vision and entrepreneurial spirit live
on through his granddaughter, WaterWalk CEO Mimi Oliver.
Positioned squarely in the upscale segment, WaterWalk brings a
fresh take to the traditional extended stay experience with its
unique LIVE|STAY model. STAY units are fully furnished and cater to
guests looking for a traditional extended-stay, residential-like
experience, while LIVE units are unfurnished and allow guests to
create a long-term space that truly feels like home. The
flexibility of the model is one of the brand's strategic assets as
units can transform and adapt in real-time to market and customer
needs—benefitting owners, operators and guests alike.
WaterWalk's current portfolio consists of 11 hotels throughout
the U.S. Newer hotels leverage the brand's Gen 2.0 prototype, which
combines efficient design and low operating costs to help unlock
stronger profits and higher returns.
"WaterWalk's success is the culmination of decades of
experience in extended stay combined with a relentless pursuit for
driving innovation and delivering exceptional guest experiences. We
believe WaterWalk is our best brand yet and our decision to bring
it into the Wyndham portfolio is a pivotal moment in its evolution,
one we believe will lead to enhanced efficiencies, performance and
growth—all thanks to the Wyndham Advantage."
- Mimi Oliver, CEO,
WaterWalk
A Portfolio Poised for Growth
WaterWalk marks
Wyndham's third extended stay brand, joining ECHO
SuitesSM Extended Stay by Wyndham and
Hawthorn® Extended Stay by Wyndham. ECHO Suites launched
in 2022 and has over 265 economy new construction hotels in its
development pipeline, half a dozen of which are nearing completion.
Hawthorn in 2023 saw 30% growth in its midscale conversion and new
construction development pipeline.
Collectively, the three brands give the Company a robust and
growing portfolio of offerings designed for the needs of today's
extended stay guests—be that construction workers hitting the road
for weeks at a time or digital nomads looking to mix business and
leisure travel. What's more, with the addition of WaterWalk, the
portfolio of brands further reinforces owners' ability to
capitalize on the historical infrastructure spend in the U.S.,
what's believed to be about a $3.3
billion opportunity in additional room revenue.
In joining the Wyndham family of brands, WaterWalk hotels unlock
access to the Wyndham Advantage – world-class marketing,
distribution and resources from the world's largest hotel
franchisor. Over the last five years, Wyndham has invested more
than $275 million in innovative
technology that drives efficiency and supports owners bottom lines,
including next-gen property and revenue management systems, mobile
check-in and checkout and OTA reconciliation, to name a few. Owners
also benefit from Wyndham Rewards, the world's number one hotel
rewards program, as named by readers of USA Today. With its growing base of more than
106 million enrolled members globally, members make up nearly half
of all U.S. check-ins.
For more information about WaterWalk Extended Stay by Wyndham,
including franchising opportunities, visit wyndhamdevelopment.com.
Images associated with the above release can
be downloaded here.
About WaterWalk
WaterWalk is the nation's most
innovative extended stay brand. The company was founded in 2014 by
the late Jack DeBoer, a hospitality visionary recognized as
the pioneer of the extended-stay and all-suite hotel concepts.
WaterWalk is unique in that it boasts two accommodation options
under one roof, with its signature 'LIVE | STAY model.' This
diversified product offering creates the utmost in flexibility and
value to consumers and investors alike.
About Wyndham Hotels & Resorts
Wyndham
Hotels & Resorts (NYSE: WH) is the world's largest hotel
franchising company by the number of properties, with approximately
9,200 hotels across over 95 countries on six continents. Through
its network of approximately 872,000 rooms appealing to the
everyday traveler, Wyndham commands a leading presence in the
economy and midscale segments of the lodging industry. The Company
operates a portfolio of 25 hotel brands, including Super
8®, Days Inn®, Ramada®,
Microtel®, La Quinta®, Baymont®,
Wingate®, AmericInn®, Hawthorn®,
Trademark Collection® and Wyndham®. The
Company's award-winning Wyndham Rewards loyalty program offers over
106 million enrolled members the opportunity to redeem points at
thousands of hotels, vacation club resorts and vacation rentals
globally. For more information, visit
www.wyndhamhotels.com.
Forward-Looking Statements
This press release
contains "forward-looking statements" within the meaning of the
federal securities laws, including statements related to Wyndham's
current views and expectations with respect to development and
rooms growth. Wyndham claims the protection of the Safe Harbor
contained in the Private Securities Litigation Reform Act of 1995
for forward-looking statements. Forward-looking statements include
those that convey management's expectations as to the future based
on plans, estimates and projections at the time Wyndham makes the
statements and may be identified by words such as "will," "expect,"
"believe," "plan," "anticipate," "intend," "goal," "future,"
"forward," "remain," "outlook," "guidance," "target," "objective,"
"estimate," "projection" and similar words or expressions,
including the negative version of such words and expressions. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors, which may cause the actual
results, performance or achievements of Wyndham to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. You are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this press
release.
Factors that could cause actual results to differ materially
from those in the forward-looking statements include, without
limitation, factors relating to the expired unsolicited exchange
offer by Choice Hotels International, Inc. to acquire all
outstanding shares of Wyndham's common stock and any ongoing
cost, loss of time and disruption associated therewith;
general economic conditions, including inflation, higher interest
rates and potential recessionary pressures; global or regional
health crises or pandemics (such as the COVID-19 pandemic)
including the resulting impact on Wyndham's business, operations,
financial results, cash flows and liquidity, as well as the impact
on its franchisees, guests and team members, the hospitality
industry and overall demand for and restrictions on travel; the
performance of the financial and credit markets; the economic
environment for the hospitality industry; operating risks
associated with the hotel franchising business; Wyndham's
relationships with franchisees; the impact of war, terrorist
activity, political instability or political strife, including the
ongoing conflicts between Russia
and Ukraine and between
Israel and Hamas; Wyndham's
ability to satisfy obligations and agreements under its outstanding
indebtedness, including the payment of principal and interest and
compliance with the covenants thereunder; risks related to
Wyndham's ability to obtain financing and the terms of such
financing, including access to liquidity and capital; and Wyndham's
ability to make or pay, plans for and the timing and amount of any
future share repurchases and/or dividends, as well as the risks
described in Wyndham's most recent Annual Report on Form 10-K filed
with the Securities and Exchange Commission and any subsequent
reports filed with the Securities and Exchange Commission. Wyndham
undertakes no obligation to update or revise any forward-looking
statements, whether as a result of new information, subsequent
events or otherwise, except as required by law.
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SOURCE Wyndham Hotels & Resorts