At the 37th Annual NYU International Hospitality Industry Investment Conference in New York City today, Wyndham Hotel Group, the world’s largest hotel company, announced it has entered into an agreement with Corinthian Development Company to develop more than 15 new-construction Wingate by Wyndham® properties in key markets throughout the U.S. and Canada over the next two years.
Corinthian, along with a strong capital partner with significant experience in hospitality real estate development, plans to deploy up to $250 million of total capital to develop the multiple properties under the Hotel Group’s midscale Wingate by Wyndham brand. The franchised hotels will be managed by Dallas, Texas-based Aimbridge Hospitality, the second largest independent hotel investment and management firm in the U.S. which currently operates more than 30 Wyndham Hotel Group properties under a number of the company’s hotel brands.
“This agreement presents a significant opportunity to leverage the improving new-construction development environment and increase our Wingate by Wyndham portfolio by more than 10 percent,” said Bob Loewen, executive vice president and chief operating officer, Wyndham Hotel Group. “Wingate by Wyndham has always been a consistent, well-performing brand and we’re confident that our partners’ expertise, combined with their dedication, will help drive continued growth and success.”
Corinthian’s plan will target development of Wingate by Wyndham hotels in top markets including Boston, Chicago, Los Angeles, New York, Toronto and Vancouver, among others. The initial sites planned for development are located in Denver, Seattle and Nashville.
“Demand for hotel rooms is at historic highs, and there has been limited new supply since the economic crisis of 2008, making now an ideal time to expand the Wingate by Wyndham franchise,” said James Wolford, chief executive officer of Corinthian Development Company. “We couldn’t be more pleased to partner with Wyndham Hotel Group and Aimbridge Hospitality, two of the premier operators in the hospitality industry.”
“We are honored to expand our portfolio of Wyndham Hotel Group properties by managing these new Wingate by Wyndham properties,” said Dave Johnson, president and chief executive officer of Aimbridge Hospitality. “Additionally, we are grateful for the opportunity to partner with Corinthian Development Company and continuing our relationship with Wyndham Hotel Group. We look forward to a successful and rewarding partnership with this seasoned group of industry experts.”
The Wingate by Wyndham portfolio consists of 153 properties in the U.S., Canada and Mexico, with 20 properties representing more than 1,900 rooms currently in the development pipeline. In 2014, the brand introduced a refreshed new-construction prototype concept designed to reduce development costs and capture greater efficiencies for hotel owners while also evolving the guest experience to better meet travelers’ needs.