Sandpiper Lodging Trust Acquires Four WoodSpring Suites
Newtown, PA
Sandpiper Lodging Trust Acquires Four WoodSpring Suites
Newtown, PA
Lodging Magazine:
Sandpiper Lodging Trust (SLT) recently announced its acquisition of four WoodSpring Suites from Wills Capital Partners (WCP). One property is located in Clarksville, Tenn., and the other three are located in Texas: Austin, San Antonio, and Odessa.
“We have known and admired Charles Wills and his development team for nearly 10 years. His properties consistently rank among the highest performing hotels in the WoodSpring system,” Carter Rise, CEO of SLT, stated. “This acquisition expands our geographic footprint into four rapidly growing markets. We are particularly pleased that Mr. Wills has agreed to join our Board of Trustees, and I look forward to working with him for years to come.”
Charles Wills, managing partner of WCP commented, “We are thrilled to partner with Sandpiper Lodging Trust through this merger. Sandpiper is a leader and innovator in the WoodSpring brand. This partnership is the ideal path to maximize future returns for our investors.”
Sandpiper, LLC—developer and operator of extended-stay hotels—completed the formation of Sandpiper Lodging Trust last year. The privately held Maryland real estate investment trust (REIT) focuses on extended-stay hotel properties with an emphasis on the economy and mid-scale segments of the market. SLT now owns 13 properties operating as WoodSpring Suites located in five states from the Mid-Atlantic region to Texas.
About Sandpiper
Based in Richmond, Va., Sandpiper, LLC is a nationally-focused real-estate investment organization recognized as one of the leading companies specializing in extended stay lodging properties. The company continues to develop its portfolio through ground-up development and selective acquisition of performing and non-performing properties. Sandpiper owns a total of 39 hotels under the Candlewood Suites (IHG), Courtyard (Marriott), ECHO Suites (Wyndham), Premier Suites (Extended Stay America), Residence Inn (Marriott), RiseWell Kitchen Suites (Sandpiper), Suburban Studios (Choice), and WoodSpring Suites (Choice) brands.
Sandpiper Hospitality ("SH"), an affiliated hotel management company, manages the entire Sandpiper portfolio and manages 30+ more hotels for unaffiliated third parties. SH has earned its position as the leading operator in the extended stay hotel segment of hospitality by combining the spirit of genuine, welcoming hospitality with superior financial returns, fueling the growth and prosperity of its various stakeholders – from associates to guests to owners and investors. For more information, visit www.sandpiperhospitality.com.
