Red Roof Inn Acquisition Finalized
SEPTEMBER 11, 2007. Red Roof Inn, an innovative leader in the economy lodging segment, announced today that its acquisition by Citi's Global Special Situations Group and Westbridge Hospitality Fund, L.P. is complete. Now that the sale is finalized, Red Roof Inn will begin to evaluate potential locations for its new headquarters.
The company plans to assess sites that meet its current needs, as well as allow for future expansion. Red Roof Inn hopes to eventually add up to 100 additional corporate employees at its new headquarters.
"We are moving forward with growth plans to develop Red Roof Inn into a national chain and will be developing and staffing a corporate office to meet our growth initiatives," said Joe Wheeling, CEO, Red Roof Inn. "We are in the process of examining our options to find a location that best fits our needs and expansion efforts."
The first Red Roof Inn opened in 1972 in Columbus, Ohio, where the headquarters were located before Accor North America acquired the brand in 1999. Under Accor's management, Red Roof Inn moved its base of operations to Accor North America's headquarters in Carrollton, Texas. In April 2007, Accor announced that it had entered into an agreement to sell Red Roof Inn to Citi's Global Special Situations Group and Westbridge Hospitality Fund II, L.P. for $1.313 billion.
Red Roof Inn is considered a leader in economy lodging because of its dedication to guest satisfaction. In 2004, Red Roof Inn implemented a nationwide renovation plan as part of its ongoing goal to redefine economy lodging. The redesign features smart design principles and smart amenities that are simple and economic, but also provide guests with what they need without sacrificing quality. Highlights of the renovation include a freshly-ground Arabica coffee service, enhanced bedding with pillow-top mattresses and broader in-room television entertainment. In 2006, Red Roof Inn received high marks in the J.D. Power and Associates' 2006 North America Hotel Guest Satisfaction Index Study. The brand earned the highest score out of the 15 largest hotel brands in "Comfort of Bed" in the Economy/Budget segment and ranked second in overall guest satisfaction in the Economy/Budget segment.
Red Roof Inn will continue to focus on creating the highest quality guest experience for the best price. The brand currently has more than 325 properties and will work to strategically grow from a regional brand to a national brand.
For more information on the acquisition of Red Roof Inn, please contact Andrew C. Alexander, Senior Vice President and General Counsel at (614) 744-2614. For information regarding employment opportunities with Red Roof Inn, please visit www.redroof.com.
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