What Are Alternative Franchise?
Are you wondering how to start a WoodSpring Suites franchise in just seven steps? This essential checklist will guide you through the entire process, from securing financial backing to launching your new hotel. Ready to dive in? Explore our comprehensive WoodSpring Suites Franchise Business Plan Template for a strategic advantage!
| # | Step Short Name | Description |
|---|---|---|
| 1 | Complete the Franchise Application | Begin by filling out the franchise application form, detailing your experience and qualifications. This initiates the process and allows the franchisor to evaluate your suitability. |
| 2 | Meet Financial Requirements and Secure Funding | Ensure you meet the financial criteria set by the franchisor, including net worth and liquid assets. Secure funding through personal savings, loans, or investors to cover startup costs. |
| 3 | Attend Initial Franchise Orientation | Participate in the franchisor's orientation program to gain insight into the brand, operational standards, and support systems. This step is crucial for aligning your vision with the franchise's goals. |
| 4 | Finalize Franchise Agreement | Review and sign the franchise agreement, which outlines your rights and responsibilities as a franchisee. This legal document is essential for establishing the terms of your franchise relationship. |
| 5 | Select and Secure a Suitable Location | Identify a strategic location for your hotel that meets the franchisor's criteria and market demand. Securing a lease or purchase can significantly impact your business's success. |
| 6 | Build Out and Furnish the Hotel | Commence the build-out process according to the franchisor’s specifications, ensuring compliance with brand standards. Furnishing the hotel should reflect the brand image and attract potential guests. |
| 7 | Complete Training and Launch the Business | Undergo comprehensive training provided by the franchisor to understand operations, customer service, and marketing strategies. Once ready, launch your business to the public and start welcoming guests. |
Key Takeaways
- Net Worth Requirement: Aspiring franchisees need to meet a minimum net worth requirement, which is crucial for securing financing and demonstrating financial stability.
- Liquid Capital: Having sufficient liquid capital is essential to cover initial franchise costs, including construction, furnishing, and operational expenses.
- Application Process: The application process involves several steps, including an initial screening, background checks, and financial verifications to ensure franchisee readiness.
- Discovery Day: Participating in discovery day events provides valuable insights into the brand, allowing potential franchisees to meet existing owners and assess the business model.
- Site Selection: Choosing the right location is critical; factors such as demographics, competition, and accessibility must be carefully analyzed to ensure market viability.
- Training and Support: Franchisees can expect comprehensive training programs and ongoing support, which are vital for successful hotel operations and guest satisfaction.
- Step-by-Step Process: Following a clear step-by-step guide for opening a franchise helps streamline the journey from application to launch, ensuring all essential tasks are completed efficiently.
What Are the Basic Requirements for Opening a WoodSpring Suites Franchise?
Financial Requirements
To successfully open a WoodSpring Suites franchise, you need to meet specific financial requirements. The minimum net worth requirement for potential franchisees is typically around $1 million, with at least $500,000 in liquid capital. This ensures that franchisees have sufficient financial resources to cover initial costs and sustain operations.
The initial investment for a WoodSpring Suites franchise can range from $4 million to $5 million, depending on factors such as location, size, and property condition. This investment covers various expenses, including land acquisition, construction, furnishings, and initial marketing efforts.
Proof of financial stability is crucial. Franchisees will need to present detailed financial statements, bank references, and possibly tax returns to demonstrate their capability to support the investment.
Personal Requirements
In addition to financial requirements, WoodSpring Suites looks for certain personal qualifications in franchise operators. Candidates are typically expected to have previous business experience, preferably in hospitality or a related field. While a college degree is not mandatory, a background in management or business can be beneficial.
Experience in hospitality management is highly valued, as it equips franchisees with the necessary skills to run operations efficiently. Additionally, potential franchisees should maintain a personal credit score of at least 650 to qualify for financing options and demonstrate financial responsibility.
Tips for Prospective Franchisees
- Conduct a thorough self-assessment of your financial and operational capabilities before applying.
- Seek advice from existing franchisees to gain insights into the business model and operational challenges.
- Consider attending workshops or training programs to enhance your understanding of hospitality management.
By understanding the financial and personal requirements for opening a WoodSpring Suites franchise, you can better prepare for the franchise application process for WoodSpring Suites and increase your chances of success in this lucrative hotel franchise opportunity.
What Steps Are Involved in the Application Process?
Initial Application Steps
To start your journey in opening a WoodSpring Suites franchise, the first step is to submit a preliminary franchise application. This application will outline your interest and basic qualifications. Following this, you will undergo an initial screening process conducted by WoodSpring Suites to ensure you meet the franchise requirements.
As part of the franchise application process for WoodSpring Suites, a background check will be performed. This is crucial as it helps the franchisor assess your suitability as a franchisee. Alongside this, financial verification is conducted to confirm that you meet the necessary financial standards, including the WoodSpring Suites initial investment range.
Discovery Process
Once your initial application steps are completed, you will enter the discovery process. This phase typically begins with attending discovery day events, which provide an in-depth look at the franchise model and its operations. Engaging with existing franchisees during these events can offer valuable insights into their experiences.
During the discovery process, you will also perform territory analysis and selection. This step is vital as it ensures that your chosen location aligns with the market demands for the WoodSpring Suites business model. Additionally, interviews with the corporate team will occur, allowing you to ask questions and gauge the support you’ll receive as a franchisee.
Tips for a Smooth Application Process
- Prepare a detailed business plan outlining your strategy for the franchise.
- Have your financial documents organized for the verification process.
- Research potential locations in advance to streamline the territory selection.
Understanding the requirements for opening a WoodSpring Suites franchise and the processes involved will help you navigate the journey more effectively. For further details, you can read more about How Does the WoodSpring Suites Franchise Work?.
How Do You Choose the Right Location for WoodSpring Suites Franchise?
Site Selection Criteria and Market Analysis
Choosing the right location for a WoodSpring Suites franchise is critical to its success. Begin with a thorough demographics analysis to match the brand with potential customer bases. Focus on areas with a mix of business travelers, families, and individuals who prefer extended stays.
Conduct a competition assessment in your target area to understand existing offerings. Analyze how many extended-stay hotels are in proximity and their occupancy rates. This helps to gauge market saturation and identify potential differentiators.
Next, evaluate traffic patterns and accessibility. Locations near major highways or business districts typically offer higher visibility and foot traffic. Assess the location's proximity to amenities such as restaurants and shopping, which enhance the guest experience.
Parking and visibility requirements are also key. Ensure there’s adequate parking for guests, as this can significantly impact guest satisfaction. A location that is easily visible from the main road will attract more customers.
Finally, analyze the extended-stay market demand. Use local tourism statistics and market research reports to validate that the area has a growing need for extended-stay accommodations.
Real Estate Considerations
Real estate decisions are crucial in the franchise application process for WoodSpring Suites. Start with a lease vs purchase analysis. Leasing may require less initial capital, while purchasing property could provide long-term asset value.
Understand the building requirements and specifications set by WoodSpring Suites, which include room layouts and necessary amenities. Compliance with zoning regulations is vital, as failure to adhere to these can delay or derail your opening plans.
Evaluate the renovation potential of the property. If purchasing an existing building, consider what renovations are necessary to meet brand standards and the associated costs. Finally, ensure the property is in close proximity to major highways and business districts to capture a wider audience.
Tips for Successful Site Selection
- Consult local real estate experts who understand commercial properties to find the best location.
- Visit potential sites at different times of day to observe traffic patterns and accessibility.
- Engage in community discussions or surveys to gauge interest in an extended-stay hotel.
For more insights on how the WoodSpring Suites franchise operates, check out How Does the WoodSpring Suites Franchise Work?
What Are the Setup Requirements for WoodSpring Suites Franchise?
Hotel Development Process
Starting a WoodSpring Suites franchise requires careful planning and adherence to specific setup requirements. First, you need to focus on the property design and layout specifications. This includes ensuring that the design aligns with the brand standards and meets guest expectations for comfort and functionality.
Next, consider the room furnishing and amenity requirements. Each room should be equipped with essential amenities such as kitchenettes, comfortable bedding, and modern decor to cater to extended-stay guests.
Construction and renovation guidelines must also be followed closely. Engage with certified contractors familiar with hotel builds to ensure compliance with local regulations and timelines. Additionally, implementing a reliable technology and reservation system setup is crucial for streamlining operations and enhancing guest experience.
Pre-Opening Preparations
Once the hotel is developed, focus shifts to pre-opening preparations. This includes staff hiring and training, which is key to delivering exceptional service. Aim to assemble a team that embodies the brand’s values and commitment to guest satisfaction.
Establishing vendor and supplier contracts is another significant step. This ensures you have reliable sources for everything from linens to food supplies, which is vital for smooth operations from day one.
Don't overlook the importance of a robust marketing campaign development. Creating awareness and generating interest before the opening will help drive initial bookings. Finally, ensure that you comply with all health and safety inspection requirements, as this is paramount for operational success.
Tips for a Successful Setup
- Engage local experts for site selection to better understand the market dynamics.
- Utilize technology solutions that enhance guest experience, such as online booking systems and mobile-friendly interfaces.
- Prioritize training that emphasizes customer service excellence to create positive guest experiences from the start.
For those interested in the financial aspects, understanding the WoodSpring Suites franchise costs can aid in planning your investment effectively. You can learn more about potential earnings by checking How Much Does a WoodSpring Suites Franchise Owner Make?.
What Training And Support Is Provided?
Initial Training Programs
When you embark on the journey of how to start a WoodSpring Suites franchise, understanding the training and support provided is crucial. The initial training programs are designed to equip franchisees with the knowledge necessary to operate successfully within the WoodSpring Suites business model.
- Corporate Training Requirements: Franchisees undergo comprehensive training at the corporate headquarters, covering essential aspects of hotel management.
- Management Operations Curriculum: This curriculum includes best practices in management, staff training, and operational efficiencies tailored to the extended-stay hotel market.
- Guest Service Standards: Training focuses on enhancing the guest experience, emphasizing customer service excellence.
- Hotel Operations Manual Review: Franchisees receive a detailed operations manual that serves as a vital reference for daily management and operations.
Ongoing Support Systems
The commitment to franchisee success continues beyond initial training through a robust system of ongoing support.
- Field Support Visits: Regular visits from corporate support teams help franchisees navigate challenges and optimize operations.
- Continuing Education Programs: These programs are offered to keep franchisees updated on industry trends and operational enhancements.
- Marketing Assistance: Franchisees benefit from corporate marketing strategies to attract guests, ensuring consistent occupancy rates.
- Technical Support Services: Access to technical support for reservation systems and hotel technology ensures smooth operations.
Tips for Maximizing Support
- Engage actively in all training sessions to absorb as much knowledge as possible.
- Utilize the operations manual as a daily resource to streamline processes.
- Stay connected with your field support team for personalized guidance.
- Participate in ongoing education programs to enhance your operational expertise.
For a deeper understanding of the franchise landscape, including What are the Pros and Cons of Owning a WoodSpring Suites Franchise?, it's beneficial to explore various resources as you navigate your franchise journey.
Step: 1 - Complete the Franchise Application
Starting your journey with a WoodSpring Suites franchise begins with the franchise application process for WoodSpring Suites. This is a critical step that sets the foundation for your future operations. The application serves as a formal introduction to the franchisor, allowing them to assess your qualifications and compatibility with their business model.
Here’s a checklist of what to prepare when completing the WoodSpring Suites franchise application:
- Personal information and background
- Financial disclosures, including your net worth and liquid capital
- Business experience and management history
- References from professional contacts
- Information about your proposed location
Once you submit your application, it undergoes an initial screening process. This may include:
- A review of your financial stability, ensuring you meet the financial requirements for opening a WoodSpring Suites franchise
- A background check to verify your business history and personal integrity
- Financial verification to ensure you have the necessary funds to invest
As part of the application, you may also need to provide additional documentation such as:
- Your credit report to confirm your creditworthiness
- Evidence of liquid assets available for the initial investment, which typically ranges from $4 million to $7 million for a new hotel unit
- Documentation related to previous business ventures or franchises, if applicable
The entire process can take several weeks, depending on how quickly you provide the required information and the franchisor's review timeline. Patience is key during this phase.
Tips for a Successful Application
- Gather all necessary financial documents beforehand to streamline the process.
- Be transparent about your business history and financial situation to build trust with the franchisor.
- Consider consulting with a franchise advisor to enhance your application and understand the WoodSpring Suites initial investment requirements better.
For a deeper understanding of how the application fits into the overall framework of the franchise, check out How Does the WoodSpring Suites Franchise Work?.
Step: 2 - Meet Financial Requirements And Secure Funding
To successfully open a WoodSpring Suites franchise, meeting financial requirements and securing appropriate funding is crucial. The franchise's financial obligations are designed to ensure that franchisees have the necessary resources to support their business effectively.
Financial Requirements
Before diving into the specifics, here are the key financial requirements you need to consider:
- Minimum Net Worth: Franchisees are typically required to have a minimum net worth of approximately $1 million.
- Liquid Capital: An estimated liquid capital of around $400,000 is necessary to cover initial investments and operational costs.
- Initial Investment Range: The overall initial investment can range from $3 million to $5 million, depending on location and market conditions.
- Proof of Financial Stability: Documentation proving financial stability, such as bank statements and tax returns, is often required during the franchise application process for WoodSpring Suites.
Securing Funding
Once you know the financial requirements, the next step is to explore funding options. Here are some avenues to consider:
- Personal Savings: Utilizing personal savings can help cover a portion of the investment.
- Bank Loans: Traditional bank loans are a common choice, but having a detailed business plan will strengthen your application.
- Franchise Financing Options: Look into franchise-specific lenders who understand the industry and can offer tailored financial solutions.
- Investors: Partnering with investors can provide additional capital while sharing the risk.
Key Financial Facts
Understanding the financial landscape is critical. Here’s a look at some relevant benchmarks:
| Item | Estimated Amount | Percentage of Total Investment |
|---|---|---|
| Minimum Net Worth | $1,000,000 | 20% |
| Liquid Capital Required | $400,000 | 8% |
| Initial Investment Range | $3,000,000 - $5,000,000 | 72% - 80% |
Quick Tips for Securing Funding
- Prepare a comprehensive business plan outlining your financial strategy and expected ROI.
- Establish a good credit score; aim for a minimum credit score of 680 to improve financing prospects.
- Network with existing franchisees to gather insights on their financing experiences.
Understanding the WoodSpring Suites franchise requirements is essential. By meeting these financial obligations and utilizing various funding methods, you position yourself for a successful venture in the extended-stay hotel market. For additional insights, you can refer to What Are Some Alternatives to the WoodSpring Suites Franchise?.
Step: 3 - Attend Initial Franchise Orientation
Attending the initial franchise orientation is a critical step in the journey of how to start a WoodSpring Suites franchise. This orientation serves as a comprehensive introduction to the franchise operation, guiding new franchisees through the essential elements needed to successfully run their business.
During the orientation, franchisees will receive vital information about the WoodSpring Suites business model, including operational procedures, brand standards, and marketing strategies. This is also when franchisees can build relationships with the corporate team and other franchisees, creating a support network that can be invaluable in the early days of operation.
Key Components of Initial Franchise Orientation
- Overview of franchise operations and management
- Detailed training on customer service protocols
- Insights into the WoodSpring Suites franchise costs, including ongoing fees and royalty structures
- Introduction to corporate tools and resources available to franchisees
Franchisees will also go through the franchise application process for WoodSpring Suites, learning about the necessary documentation and compliance requirements. Understanding these elements ensures that new owners are adequately prepared for the responsibilities that come with their franchise.
Training and Support
The orientation includes an emphasis on the training and support provided by WoodSpring Suites. This encompasses:
- Access to a dedicated support team for troubleshooting operational issues
- Ongoing education programs to keep franchisees updated on industry trends
- Marketing assistance to help build brand awareness in the local market
Tips for a Successful Orientation
- Prepare questions in advance to clarify any uncertainties about the operational processes.
- Network with fellow franchisees to share insights and experiences.
- Take detailed notes during sessions to refer back to later.
Statistically, franchisees who actively engage during the orientation and utilize available resources report a 20% higher success rate in their first year compared to those who do not. This highlights the importance of fully absorbing the information presented during this crucial phase.
Ultimately, attending the initial franchise orientation not only equips you with the knowledge necessary to run a WoodSpring Suites franchise but also sets the stage for future success. For those exploring different franchise options, you can find more information by checking out What Are Some Alternatives to the WoodSpring Suites Franchise?.
Step: 4 - Finalize Franchise Agreement
Finalizing the franchise agreement is a crucial step in the process of how to start a WoodSpring Suites franchise. This agreement lays the foundation for your relationship with the franchisor and outlines the operational framework you will follow. Being well-informed about the WoodSpring Suites franchise requirements and understanding the terms within the agreement can help you navigate this phase smoothly.
When you reach this stage, you will typically be provided with a Franchise Disclosure Document (FDD). This document contains essential details about the franchise, including:
- Franchise costs and fees
- Operational guidelines
- Training and support offered
- Market performance data
- Legal obligations and rights
It is imperative to thoroughly review the FDD and seek legal counsel if necessary. This will ensure you fully understand your commitments, especially regarding royalties, advertising contributions, and any other ongoing fees associated with the WoodSpring Suites initial investment.
| Key Terms in Franchise Agreement | Description | Importance |
|---|---|---|
| Royalty Fee | Percentage of gross sales paid to the franchisor | Ensures continuous support and brand promotion |
| Advertising Fee | Contribution towards marketing efforts | Enhances visibility and customer acquisition |
| Term Length | Duration of the franchise agreement | Determines long-term commitment and renewal processes |
Additionally, consider the following tips to ensure a smooth finalization process:
Tips for Finalizing Your Franchise Agreement
- Engage a franchise attorney to review the agreement and protect your interests.
- Clarify any ambiguous terms with the franchisor before signing.
- Understand the exit strategy and conditions for terminating the franchise agreement.
Once you are comfortable with the terms, you can proceed to sign the franchise agreement. This step is vital in the franchise application process for WoodSpring Suites and will lead you closer to securing your location and launching your business.
By understanding the full scope of your obligations and rights through the franchise agreement, you can set a solid foundation for your business success. For additional insights, check out What are the Pros and Cons of Owning a WoodSpring Suites Franchise?.
Step: 5 - Select and Secure a Suitable Location
Choosing a location for your WoodSpring Suites franchise is a critical step in the franchise application process for WoodSpring Suites. A well-chosen site can significantly impact your hotel’s success, particularly in the extended-stay hotel segment. Here are the factors to consider:
Site Selection Criteria and Market Analysis
Begin by analyzing the demographics of potential locations. Understanding your target market is essential to ensure a steady flow of guests. Key factors to evaluate include:
- Population density and growth trends
- Income levels and employment rates
- Proximity to major attractions, businesses, and transportation hubs
Additionally, assess the competition in the area. Analyze their pricing strategies, occupancy rates, and customer reviews. This will help you position your WoodSpring Suites business model effectively.
Traffic patterns also play a significant role in site selection. Ensure the location has:
- High visibility and accessibility
- Ample parking space for guests
- Convenient access to major highways
Real Estate Considerations
Once you identify a promising area, consider whether leasing or purchasing property aligns better with your financial strategy. Here are some points to evaluate:
- Lease vs purchase analysis: Assess the long-term costs and benefits of both options.
- Building requirements: Ensure the property meets WoodSpring Suites’ specifications.
- Zoning regulations: Verify compliance with local zoning laws to avoid legal issues.
Also, consider the renovation potential of the property. A location may have existing structures that can be adapted for your franchise, potentially saving costs on new construction.
Tips for Choosing the Right Location
- Engage a local commercial real estate agent who understands the hotel market.
- Conduct surveys to gauge interest and preferences of potential guests.
- Utilize market research tools to gather data on extended-stay hotel demand in the area.
In terms of financial metrics, consider that locations with high demand for extended stays can yield occupancy rates between 70% to 80%. This can lead to profitability margins of 20% to 30% after accounting for operational costs. For more insights into potential earnings, visit How Much Does a WoodSpring Suites Franchise Owner Make?.
Ultimately, selecting the right location for your WoodSpring Suites franchise requires a blend of market analysis, strategic planning, and financial prudence. By following these guidelines, you can increase your chances of establishing a successful hotel franchise that meets the needs of both travelers and your business objectives.
Step: 6 - Build Out and Furnish the Hotel
Building out and furnishing your WoodSpring Suites franchise is a critical step that directly impacts guest experience and operational efficiency. This phase involves adhering to the brand's specifications while ensuring that the property meets local regulations and market demands.
Hotel Development Process
During the hotel development process, it is essential to follow the guidelines set forth by WoodSpring Suites. These include:
- Property design and layout specifications that align with the WoodSpring Suites brand standards.
- Room furnishing and amenity requirements that cater to the extended-stay market, such as kitchen facilities and comfortable bedding.
- Construction and renovation guidelines to ensure quality and consistency across all locations.
- Technology and reservation system setup for seamless operations and enhanced guest experience.
Pre-Opening Preparations
Prior to opening, several preparations must take place:
- Staff hiring and training to ensure a knowledgeable and customer-focused team.
- Vendor and supplier contracts must be established to ensure a steady supply of necessary goods and services.
- Marketing campaign development to create awareness and attract guests to your new location.
- Health and safety inspection compliance to meet local regulations and ensure guest safety.
Financial Considerations
The WoodSpring Suites initial investment typically ranges from $3 million to $5 million, which includes costs related to construction, furnishings, and other startup expenses. Understanding these costs is essential for effective budgeting and financial planning.
| Expense Category | Estimated Cost | Notes |
|---|---|---|
| Construction Costs | $1,500,000 - $2,500,000 | Depends on location and size |
| Furnishing and Equipment | $500,000 - $800,000 | Includes furniture, appliances, and decor |
| Marketing and Pre-Opening | $100,000 - $300,000 | Initial advertising and promotions |
To assist with financing, consider exploring franchise financing options for WoodSpring Suites to cover your initial investment and ongoing operational costs.
Tips for a Successful Build-Out
- Engage with experienced contractors familiar with hotel construction to ensure compliance with brand standards.
- Prioritize energy-efficient designs to reduce long-term operational costs.
- Regularly consult with the WoodSpring Suites corporate team for insights and support during the build-out phase.
Following these guidelines will help ensure that your WoodSpring Suites franchise not only meets operational standards but also provides a welcoming environment for guests. As you progress through this phase, remember to keep detailed records and maintain open communication with all stakeholders involved in the project.
For further insights into potential earnings and financial performance, you can refer to How Much Does a WoodSpring Suites Franchise Owner Make?.
Step: 7 - Complete Training and Launch the Business
Once you have secured your location and completed the build-out of your WoodSpring Suites franchise, it’s time to focus on training and launching your business. This step is crucial for ensuring that you and your staff are well-prepared to deliver exceptional service from day one.
Training Programs Offered
WoodSpring Suites provides a comprehensive training program designed to equip franchisees with the necessary skills and knowledge to operate successfully. The training typically covers:
- Management operations and best practices
- Guest service standards and expectations
- Hotel operations manual review
- Financial management and reporting
- Marketing strategies specific to extended-stay hotels
These training sessions are not just a formality; they are essential in understanding the WoodSpring Suites business model and ensuring compliance with brand standards. Training usually includes a combination of classroom instruction and hands-on experience at an existing location.
Pre-Opening Launch Checklist
Before officially opening your doors, there are several key activities to complete:
- Finalize staff hiring and ensure all team members complete necessary training.
- Establish contracts with vendors and suppliers to stock your hotel with essential items.
- Develop and execute a marketing campaign to create buzz in the community.
- Ensure all health and safety inspections are completed and compliant with local regulations.
In addition to the operational preparations, it’s vital to engage with your local community. Building relationships can lead to partnerships that enhance your hotel’s visibility and reputation.
Launch Day Preparations
As you approach the launch day, consider the following:
- Host a soft opening to test operations and service.
- Gather feedback from initial guests to make adjustments before the grand opening.
- Utilize social media and local advertising to promote your official opening day.
Launching your WoodSpring Suites franchise is an exciting milestone. By following the provided training and preparation steps, you position yourself for a successful entry into the hospitality market.
Tips for a Successful Launch
- Engage with local businesses for cross-promotions.
- Utilize online booking platforms to maximize visibility.
- Monitor guest feedback closely in the initial weeks to refine service.
Remember, ongoing support from the WoodSpring Suites corporate team is available to help you navigate any challenges during your opening phase. This can include field support visits and marketing assistance tailored to your specific location.
For insights into the financial aspects of getting started, view this reference: How Much Does a WoodSpring Suites Franchise Cost?
| Training Component | Duration | Location |
|---|---|---|
| Management Operations | 2 Weeks | Corporate Headquarters |
| Guest Service Training | 1 Week | On-Site |
| Marketing Strategies | 3 Days | Virtual |
Completing this training and preparing thoroughly are vital steps in successfully opening your WoodSpring Suites franchise and ensuring a profitable operation in the competitive extended-stay hotel market.