Wyndham Hotels & Resorts Achieves Major Milestone with 100 Signed Hotels for its New, Extended-Stay Brand

Rhea-AI Summary

Wyndham Hotels & Resorts has announced that its new extended-stay brand, known as 'Project ECHO,' has surpassed its year-end goal by signing 100 hotels across the United States. This rapid growth, attributed to an efficient design that lowers operational costs, positions Project ECHO as Wyndham's fastest growing brand. Recent signings include 25 hotels in the Midwest by Holladay Properties and 10 hotels in South Florida and New Jersey by Gold Coast Premier Properties. The first Project ECHO hotel is set to open in 2023.

Positive

• Project ECHO has achieved 100 signed hotels, exceeding its year-end goal.
• The new brand is positioned to lower costs-to-build and operate, enhancing profitability.
• Strong partnerships with developers like Holladay Properties and Gold Coast Premier Properties facilitate rapid expansion.

Negative

• None.

The company's fastest growing brand in the development pipeline exceeds year-end goal early

PARSIPPANY, N.J., Sept. 19, 2022 /PRNewswire/ -- Wyndham Hotels & Resorts, the world's largest hotel franchising company with approximately 9,000 hotels across 95+ countries, announces today that its new, extended-stay brand operating under the working title "Project ECHO" has achieved 100 hotels signed across the United States.

Fastest growing brand in the development pipeline already accomplishing goal of 100 signed hotels by year-end

"An all new-construction, extended-stay brand developed with leading hotel developers hits the sweet spot with a design aimed to lower costs-to-build and operate, while still capturing the demand for long-term stays.  This brand has become Wyndham's fastest growing in the pipeline already accomplishing  our goal of 100 signed by year-end and we expect to continue adding to that total," said Chip Ohlsson, executive vice president and chief development officer, Wyndham Hotels & Resorts. "

Among the most recent signings for developing new construction Project ECHO hotels are South Bend, Ind.-based Holladay Properties and Miami, Fla.-based Gold Coast Premier Properties. Holladay Properties have 25 Project ECHO hotels signed in the key cities across the Midwest as well as Nashville, Tenn.; Savannah, Ga; and Jacksonville, Fla., and Gold Coast Premier Properties has 10 hotels signed in South Florida and New Jersey.

The purpose-built, 124-room Project ECHO prototype requires just under two acres of land and has a highly competitive cost per key. Coming in at approximately 50,000 square-feet—nearly 74 percent of which is rentable—individual rooms average 300 square-feet. The rooms consist of single- and two-queen studio suites with kitchenettes as well as efficiently-designed public spaces—a lobby, fitness center and guest laundry—that help to limit labor needs.

"We have extensive extended-stay development experience with established brands, yet we couldn't pass up the opportunity to be on the ground floor building a brand together with Wyndham," said Veronica Garcia, president and chief operating officer, Gold Coast Premier Properties. "Project ECHO's efficient design paired with access to Wyndham's negotiated discounts with suppliers will help us reduce costs and simplify operations of our hotels, while introducing a new product to the extended-stay segment."

Earlier this month, the first Project ECHO hotel broke ground in Plano, Tex. and additional groundbreaks are scheduled for this fall. Wyndham expects to open its first Project ECHO hotels in 2023. For more information, including development opportunities, visit www.projectecho.wyndhamhotels.com.

About Wyndham Hotels & Resorts

Wyndham Hotels & Resorts (NYSE: WH) is the world's largest hotel franchising company by the number of properties, with approximately 9,000 hotels across over 95 countries on six continents. Through its network of approximately 819,000 rooms appealing to the everyday traveler, Wyndham commands a leading presence in the economy and midscale segments of the lodging industry. The Company operates a portfolio of 23 hotel brands, including Super 8®, Days Inn®, Ramada®, Microtel®, La Quinta®, Baymont®, Wingate®, AmericInn®, Hawthorn Suites®, Trademark Collection® and Wyndham®. The Company's award-winning Wyndham Rewards® loyalty program offers over 95 million enrolled members the opportunity to redeem points at thousands of hotels, vacation club resorts and vacation rentals globally. For more information, visit www.wyndhamhotels.com.

Contacts:
Scott Carman
Wyndham Hotels & Resorts
+1 (973) 753-6590
scott.carman@wyndham.com  

 

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SOURCE Wyndham Hotels & Resorts

FAQ

What milestone did Wyndham Hotels achieve with Project ECHO?

Wyndham Hotels signed 100 hotels for its Project ECHO brand, exceeding its year-end goal.

When is the first Project ECHO hotel expected to open?

The first Project ECHO hotel is scheduled to open in 2023.

Who are the developers involved in Project ECHO?

Developers include Holladay Properties and Gold Coast Premier Properties.

What is the focus of the Project ECHO brand?

Project ECHO focuses on extended-stay accommodations with a cost-efficient design.

What is Wyndham's stock symbol?

Wyndham Hotels & Resorts is traded under the stock symbol WH.