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Extended stay sector absorbs acquisition aftershocks.

Publication: Business Travel News
Publication Date: 18-APR-05 		Format: Online - approximately 1170 words
Delivery: Immediate Online Access

Article Excerpt
The sale of the Candlewood Suites extended stay brand in late 2003 to InterContinental Hotels Group set off a chain reaction that has reshaped a portion of the extended stay marketplace. The changes come at a time when the extended stay tier still is in the process of absorbing the significant growth and segmentation that occurred in the 1990s. Candlewood founder Jack DeBoer is building a new extended stay chain, called Value Place. Four properties are scheduled to open this spring, joining three already operating. The owner of five former Candlewood Suites properties in the Northwest, Larkspur Hospitality, chose not to be part of IHG and has converted the hotels to be part of its own Larkspur Landing flag. IHG, meanwhile, has announced extensive renovation plans for the Candlewood Suites still in its system and sees room to increase the brand's distribution significantly as well.

While chains with large distribution, such as Marriott International's Residence Inn and the Blackstone Group's Extended Stay Hotels, have dominated the sector, the number of start-up chains and regional...

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