Even More Clout For Cambria Suites Brand Teams Up With Institutional Investor
LOS ANGELES, May 15, 2013 /PRNewswire/ -- From its annual convention, Choice Hotels International, Inc. (NYSE: CHH), one of the world's largest hotel companies, today announced a major turning point for Cambria Suites, adding to the upscale brand's growing clout. Choice Hotels has entered into a joint venture with private investment firm Fillmore Capital Partners, LLC and its affiliates to develop multiple Cambria Suites hotel properties. This marks the brand's first institutional investor, underscoring the confidence developers and Choice Hotels have already expressed for the emerging brand's performance potential.
"This is further proof to the investment and development communities that we are truly making great strides with Cambria Suites," said Stephen P. Joyce, president and chief executive officer of Choice Hotels International. "Institutional investors bring instant influence to the table and Fillmore Capital is as good as it gets. Their team has the relationships with investors and access to capital coupled with a deep understanding of the hospitality industry."
The venture with Fillmore provides for the future development of multiple Cambria Suites hotels at locations within urban markets. This strategic partnership aligns perfectly with Choice Hotels' plan to establish Cambria Suites as a major brand in such key markets. Notably, Cambria Suites celebrated a landmark triple groundbreaking in the New York market at the end of 2012 and more recently broke ground in downtown Washington, D.C. as part of a highly anticipated mixed-use project next to the convention center. Further, Cambria Suites is part of a major mixed-use development in Rockville, Maryland next to Choice Hotels International's new global headquarters and announced a double development agreement for the Dallas and Phoenix markets with a first-rate developer.
All Cambria Suites hotels are new-construction and the brand leads the rest of the upscale lodging segment in guest satisfaction scores as measured by guests' likelihood to recommend (LTR). Currently, many Cambria Suites hotels are ranked #1 and #2 in their respective markets on TripAdvisor. The brand is making its mark for delivering a consistently high level of style at an equally attractive price guests have come to count on.
"We have long admired the Cambria Suites brand's strong product design and appropriateness for today's lifestyle-oriented traveler," said Ronald E. Silva, president and chief executive officer of Fillmore Capital Partners. "The current hospitality environment presents a unique opportunity to partner with Choice Hotels and expand this emerging brand through development in major markets. Further, our affiliate, Fillmore Hospitality, will manage the Cambria Suites hotels that we develop. Fillmore Hospitality has extensive experience in establishing and supporting new and emerging brands along with independent hotels and resorts, which will provide a natural management fit for our properties."
"The Cambria Suites and Fillmore synergies are a game changer," said Michael Murphy, senior vice president of upscale brands for Choice Hotels International. "We know Cambria Suites is the right product at the right time. And now we have a major partner saying the same thing by helping us bring even more product to market, faster than ever. Travelers today – especially business travelers -- are asking for it. Upscale is among the fastest growing lodging segments in the industry where demand consistently outpaces supply across the country."
Designed as a lifestyle hotel brand, Cambria Suites offers more than just a place to sleep at night. It features a larger lobby to give guests a more social atmosphere, spacious all-suite rooms that include separate areas to work and rest, providing business and leisure travelers room to relax, socialize and network.
All Cambria Suites hotels feature Reflect, a casual dining and gathering area serving a dinner menu, liquor, wine, beer, freshly prepared grab-and-go gourmet salads and sandwiches, a barista bar featuring Wolfgang Puck® coffee and a hot breakfast buffet; Refresh, a state-of-the-art fitness center with an elegant pool and hot tub/spa area; and Refill, a 24-7 convenience store that offers energy drinks, snacks and sundries.
In addition, each suite offers the latest technology, including two flat-screen LCD televisions and MediaHub™ plug-and-play technology, allowing guests to connect their laptop, MP3 player, game console, digital camera or CD/DVD player hassle-free. Free high-speed wired and wireless Internet access is available throughout the hotel so that guests can stay connected.
About Cambria Suites
Cambria Suites offers contemporary, upscale accommodations at affordable prices. Designed as a lifestyle hotel brand, Cambria Suites offers more than just a place to sleep at night. It features a larger lobby to give guests a more social atmosphere, all-suite rooms that are larger than standard hotel rooms and include a separate living, working and sleeping space, providing business and leisure travelers a haven to relax, socialize and network. As of March 31, 2013, there were 19 properties open across the country, representing nearly 2200 guest suites, and 26 properties in various stages of development, representing an additional 3700 guest suites.
About Choice Hotels
Choice Hotels International, Inc. franchises over 6,200 hotels, representing more than 500,000 rooms, in the United States and more than 30 other countries and territories. As of March 31, 2013, 395 hotels, representing more than 30,000 rooms, were under construction, awaiting conversion or approved for development in the United States. Additionally, 81 hotels, representing approximately 7,000 rooms, were under construction, awaiting conversion or approved for development in more than 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, as well as its Ascend Hotel Collection membership program, serve guests worldwide.
Choice Hotels International offers the Choice Privileges® rewards program. With nearly 17 million members worldwide, is one of the fastest growing hotel loyalty programs in the travel industry.
Additional corporate information may be found on the Choice Hotels International, Inc. website, which may be accessed at www.choicehotels.com.
About Fillmore Capital Partners
Fillmore Capital Partners, LLC (FCP) is a private investment company that engages in the development, management, and distribution of investment vehicles for institutional and select private-client investors. FCP invests on behalf of its clients in lodging, healthcare, and operating company platforms, as well as opportunistic investments in other real estate asset classes.
Choice Hotels, Choice Hotels International, Choice Privileges®, Comfort Inn, Comfort Suites, Quality, Sleep Inn, Clarion, Cambria Suites, MainStay Suites, Suburban Extended Stay Hotel, Econo Lodge, Rodeway Inn and Ascend Hotel Collection are proprietary trademarks and service marks of Choice Hotels International.
© 2013 Choice Hotels International, Inc. All rights reserved.
SOURCE Choice Hotels International, Inc.