Candlewood Begins International Expansion
OCTOBER 6, 2006. Candlewood Suites announced that it will begin its international expansion with two locations outside the U.S. this quarter in two of Canada's most popular destinations, Toronto and Montreal. With 120 properties open and more than 100 properties in the Americas pipeline, including the hotel industry's first mid-priced extended-stay hotel development in New York City, Candlewood Suites is on its way to becoming the largest in its segment with an estimated 50 of these hotels opening during 2007.
'Demand growth for extended-stay hotels continues to exceed the rate of supply growth, and Canada is no exception,' said Gina LaBarre, vice president, Brand Management, Candlewood Suites. 'With less than 40 branded extended-stay hotels in Canada, the market has been served to-date by 'all-suite' hotels or corporate apartment hotels, not necessarily meeting the needs of extended-stay guests seeking 'just like home' hotel accommodations. We've identified several target markets throughout Canada where extended-stay hotels would flourish, including Toronto and Montreal, expanding our distribution in a region that has extremely high demand,' she added.Candlewood Suites' entry into New York City marks the first midscale extended-stay development in the city and only the second extended-stay hotel overall. Candlewood Suites will join its siblings Holiday Inn and Holiday Inn Express, capitalizing on the New York City midscale development trend.
According to Atlanta-based PKF Consulting, a consulting and real estate firm specializing in the hospitality industry, New York City is currently experiencing the largest RevPar, occupancy and ADR growth in North America.
'New York City is currently the leading hotel market in North America in all categories,' said LaBarre. 'This is the perfect time to enter the market with the Candlewood Suites product, offering quality, extended-stay hotel amenities at a great value.'
Candlewood Suites has almost as many hotels in the pipeline as they have open today. During 2005, Candlewood Suites' occupancy grew by 3.1 points while the midscale extended-stay segment grew by only 2.2 points; Candlewood Suites' RevPAR grew by 14.0 percent while the midscale extended-stay segment grew by only 10.7 percent.
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