First Two Cambria Suites Planned for New York City (United States)
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First Two Cambria Suites Planned for New York City (United States)
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Category: North America & West Indies / Carribean islands - United States - Industry economy
- Hotel projects
This is a press release selected by our editorial committee and published online for free on 2011-01-26
Choice Hotels Making Significant Investment in the Cambria Suites Brand
Choice Hotels International, Inc. (NYSE:CHH) announced today that two new development contracts for its Cambria Suites brand have been signed for New York City in Times Square and in Chelsea. The New York City development deals demonstrate the unprecedented commitment Choice Hotels has made to the Cambria Suites brand. This commitment includes mezzanine financing and capital to support the growth of the brand.
These are the first Choice Hotels properties for each developer, the first Cambria Suites hotels to open in New York City, and the first time that multiple Cambria Suites properties are simultaneously under development in a single metropolitan city.
Both properties are scheduled to break ground in summer 2011 and open in early 2013.
With 194 suites, the Times Square property will be the largest Cambria Suites hotel to date. The property is being developed by Extell Development Company, a preeminent developer based in New York City. Extell’s growing real estate portfolio exceeds 20 million square feet of residential, hotel, commercial, and retail space, as well as land and golf course developments.
“Times Square is ready for a contemporary, upscale all-suites hotel offering great value and exceptional design,” said Gary Barnett, president of Extell, whose property marks the largest single investment Choice Hotels International has ever made in assisting a developer with equity.
The Chelsea property will feature 140 suites and is the first hotel brand to be developed by Robert Chun of We Care Trading Co., Ltd. “I am impressed with the design of Cambria Suites and the incredible commitment and support Choice Hotels has made to this exceptional brand,” said Robert Chun. “We believe it is the perfect brand for us to develop and are particularly excited about being a part of introducing the brand to New York City.”
“Entering the most dynamic real estate and lodging market in the US is an exciting new step for the Cambria Suites brand,” says Stephen P. Joyce, president and CEO of Choice Hotels International. “Demand for Cambria Suites properties in major metropolitan markets is strong, and we will continue to look for opportunities to put our balance sheet behind the growth and expansion of Cambria Suites. We believe Cambria Suites offers unlimited potential to Choice Hotels and hotel developers, and we are putting a wealth of resources behind this brand’s success,” said Joyce.
In addition to Choice Hotels’ capital program for Cambria Suites, the company also has put in place resources and support that cover all of the significant areas needed to successfully develop, open and ramp up Cambria Suites properties for long-term success. These resources include capital investments in leading US markets, property level Choice Hotels funded Directors of Sales, dedicated development sales team, the most powerful reservations systems in the industry, one of the fastest growing hotel loyalty programs (Choice Privileges®), a dedicated revenue management strategy and robust marketing resources.
The first two Cambria Suites hotels planned for New York City will be located at 30 W. 46th Street (Times Square), and 123-125 West 28th Street (Chelsea).
About Choice Hotels
Choice Hotels International, Inc. franchises more than 6,000 hotels, representing more than 490,000 rooms, in the United States and more than 35 other countries and territories. As of September 30, 2010, more than 540 hotels were under construction, awaiting conversion or approved for development in the United States, representing more than 44,000 rooms, and approximately 90 hotels, representing approximately 8,000 rooms, were under construction, awaiting conversion or approved for development in 20 other countries and territories. The company's Comfort Inn, Comfort Suites, Quality, Sleep Inn, Clarion, Cambria Suites, MainStay Suites, Suburban Extended Stay Hotel, Econo Lodge and Rodeway Inn brands serve guests worldwide. In addition, via its Ascend Collection membership program, travelers in the United States, Canada and the Caribbean have upscale lodging options at historic, boutique and unique hotels.
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