The transaction is expected to be earnings enhancing within the first year. The company leases hotels to franchisees and also directly owns and operates facilities. Candlewood Suites Experience. Typically corporate transient travelers stay only during the week, leaving the occupancy of the subject hotels lower during the weekend. "This acquisition is consistent with our long term strategy to prove and deliver winning brand concepts, while reducing our capital exposure in real estate assets and growing our revenue stream from management and franchise fees. Hospitality Properties Trust is a real estate investment trust headquartered in Newton, Massachusetts, USA, which owns 274 hotels located throughout the United States. Candlewood competes with other value-priced, extended-stay hotels such as TownePlace Suites and Mainstay Suites. The first hotel was built on North Webb Road in Wichita, Kansas, United States, and opened in 1996. There are now 342 locations worldwide. The Group owns a portfolio of well recognized and respected hotel brands including InterContinental Hotels & Resorts, Crowne Plaza Hotels & Resorts, Holiday Inn, Express by Holiday Inn and Staybridge Suites, and also has a controlling interest in Britvic, the second largest soft drinks manufacturer in the UK. Upscale: Focus on offering attractive brands that deliver distinct experiences – from business travel to wellness-focused stays. VOCO Hotels, Crowne Plaza Hotels & Resorts, HUALUXX Hotels and Resorts, EVEN Hotels, Hotel Indigo. This two-part transaction involves three parties: IHG, Candlewood Hotel Corp (CNDL) and Hospitality Properties Trust (HPT). [1], Typical amenities provided by Candlewood in line with brand standards and according to the IHG website include spacious suites with fully equipped kitchenettes, free local calls, voice mail, data ports, and two phone lines; an on-site convenience store with food items at a low price (the Candlewood Cupboard); a free entertainment library of CD's and videos available at the front desk; complimentary guest laundry; a free 24-hour exercise facility; free fax service; and an outdoor barbecue gazebo. At Candlewood Suites ®, we believe the world would be a better place if everyone had the personal and physical space to create a sense of normalcy when travelling for a long period of time. Our guests have come to depend on us for reliable services and amenities that support their independent ways. Our guests have come to depend on us for reliable services and amenities that support their independent ways. Candlewood hotels also operate with a far lower staff-to-guest ratio than most other hotels. The first was HPT's purchase of 16 Staybridge Suites and the second the conversion of 14 Summerfield Suites to Staybridge Suites hotels. The first hotel was built on North Webb Road in Wichita, Kansas, United States, and opened in 1996. At Candlewood Suites®, we believe the world would be a better place if everyone had the personal and physical space to create a sense of normalcy when travelling for a long period of time. However, with true extended-stay business being over seven days, and often beyond 30 days, it allows the hotel to maintain a higher occupancy average overall. By continuing to browse the site you are agreeing to our use of cookies. IHG will acquire for $15 million in cash the Candlewood Suites brand from CNDL and be licensor on all current and future franchise agreements. with HPT, which owns 64 Candlewood Suites hotels and will purchase an additional 12, to manage these 76 properties. Our diverse portfolio of differentiated brands are well known and loved by millions of consumers around the world. Once this transaction closes, HPT will own 136 IHG properties – all to be managed by IHG. While this occupancy generally comes with a lower average rate or average daily rate (ADR), the revenue per available room sold (RevPAR) is typically higher as a result of the significantly higher occupancy and penetration rate within the respective markets. As of September 30, 2007, there were 151 Candlewood Suites hotels currently open, with 187 hotels in the pipeline, with an estimated 50 of these hotels opening during 2007. InterContinental Hotels Group PLC of the United Kingdom (LON: IHG), IHG, owns, manages, leases or franchises, through various subsidiaries, more than 3,300 hotels and 515,000 guest rooms in nearly 100 countries and territories around the world ( ).