Project No More – ECHO Suites Extended Stay by Wyndham becomes the 24th brand of Wyndham Hotels & Resorts
Pipeline into 120 hotels, exceeding the company’s year-end goal while making ECHO Suites its fastest growing brand; the second and third hotels inaugurate today Virginia
PARSIPPANY, NJ, November 1, 2022 /PRNewswire/ — Wyndham Hotels & Resorts, the world’s largest hotel franchise company with approximately 9,100 hotels in more than 95 countries, today announced the names of its 24e brand, ECHO Suites Extended Stay by Wyndham. Officially the fastest growing brand in Wyndham’s development pipeline, the brand, which continues to exceed expectations while attracting strong interest from developers, has 120 hotels in its pipeline across the United States. (to September 30e), well ahead of the year-end target previously shared by the Company.
“In just six months, ECHO Suites Extended Stay by Wyndham has secured its place as the fastest growing brand in our development pipeline, highlighting continued and robust demand from travelers and developers for economical extended stay deals,” said Geoff Ballotti, President and CEO of Wyndham Hotels & Resorts. “Imagined and designed from day one with constant input, review and oversight from many of our nation’s most experienced extended stay developers, Echo Suites was designed with one specific goal in mind: to create a prototype focused on the return on investment that is as profitable to build as it is to operate.”
ECHO Suites was designed to help maximize efficiency and reduce operating costs, while providing an optimized “home away from home” for long-term guests. Born from the core values of simplicity, minimalism and modernity, the brand is dedicated to providing guests with efficiently designed spaces and thoughtful essentials, forming the basis of a great stay.
Ballotti added, “More than ever, travelers today are looking for value, especially long-term guests who book extended stays. At the same time, they want a space that looks and feels like them. A space well-designed and inviting. We believe that if you can give them that, they’ll come back, night after night, stay after stay. That’s what ECHO Suites is all about: to provide guests with a great extended-stay experience, a bargain price, so that, like an echo, they repeat it again and again.”
Extended stay in mind
After breaking the ground for its first hotel in Plano, Texas. with dallas-based in Gulf Coast Hotel Management last September, ECHO Suites today opened its second and third hotels in Sterling, Virginia. and Richmond, Virginia. Both hotels are developed by richmondSandpiper Hospitality, one of the brand’s earliest and largest developers.
“From the start, Wyndham has proven to be an owner-focused organization, putting developers first so they can not only understand our needs, but also appreciate what makes this segment different from others in the industry” , said Carter Climb, Founder and CEO, The Sandpiper Group of Companies. “That fact, combined with the continued support and accessibility of Wyndham’s leadership team, is why we are opening our first two of 27 planned ECHO Suites hotels today.”
The 124-room, purpose-built ECHO Suites prototype requires just under two acres of land and has a very competitive cost per key. Covering approximately 50,000 square feet, of which nearly 74% is rentable, single rooms average 300 square feet. Rooms consist of single and double studio suites with kitchens as well as efficiently designed public areas – a lobby, fitness center and 24/7 laundry facilities – which contribute to limit labor requirements.
Extended Stay has been an industry leader for growth and recovery in recent years, with no signs of slowing down. In 2021, the segment outperformed all other chain scales with an occupancy rate nearly 20 points higher than all other US segments combined. More recently, STR Q3 2022 industry data shows that guests are checking into budget and midscale extended-stay hotels at a higher rate (76%) than at economy and midscale hotels. traditional range (62%).
ECHO Suites fills a void within Wyndham’s portfolio while reinforcing the company’s role as the undisputed leader in economy and midscale hotels. At the same time, it fills an important gap in the market for fresh and consistent extended stay products for new construction. The company plans to open its first Echo Suites hotels in 2023. For more information, including development opportunities, visit www.projectecho.wyndhamhotels.com.
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About Wyndham Hotels & Resorts
Wyndham Hotels & Resorts (NYSE: WH) is the world’s largest hotel franchise company by number of properties, with approximately 9,100 hotels in more than 95 countries on six continents. With its network of approximately 836,000 rooms that appeal to the everyday traveler, Wyndham maintains a leading presence in the economy and midscale segments of the lodging industry. The Company operates a portfolio of 24 hotel brands, including Super 8®Days Inn®Ramadan®Microtel®The fifth®Baymont®, Wingate®AmericanInn®Hawthorn Suites®Collection of brands® and Wyndham®. The company’s award-winning Wyndham Rewards® The loyalty program offers more than 97 million registered members the ability to redeem points at thousands of hotels, resorts and vacation rentals around the world. For more information, visit www.wyndhamhotels.com.
This press release contains “forward-looking statements” within the meaning of the United States federal securities laws, including the planned addition of hotels and similar statements regarding possible future results or performance. You are cautioned not to place undue reliance on these forward-looking statements, which are not guarantees of future results or performance, speak only as of the date of this press release, and are subject to numerous risks and uncertainties. including the risks described in Wyndham Hotels and Resorts’ most recent Annual Report on Form 10-K and subsequent reports filed with the Securities and Exchange Commission, each of which could cause actual results or performance to differ materially from future results or performance expressed or implied by such forward-looking statements. Except as required by law, Wyndham Hotels and Resorts undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, subsequent events or otherwise.
Senior Vice President, Global Communications
SOURCE Wyndham Hotels & Resorts