Choice Hotels International Inc. closed on the purchase of the brand and franchise business of WoodSpring Suites from WoodSpring Hotels LLC for $231 million.
The acquisition adds almost 240 extended-stay hotels in 35 states to the Choice Hotels portfolio.
The purchase of the extended-stay lodging brand was financed through a mix of cash on hand and borrowings under the hotel company's credit facility.
The acquisition is anticipated to be accretive to financial performance in 2018, exclusive of one-time deal and assimilation costs.
