Wyndham Motels & Resorts has partnered to carry extended-stay model WaterWalk’s 11 properties into its portfolio, the corporate introduced Tuesday. Beneath the deal, WaterWalk turns into Wyndham’s 25th model and its third extended-stay model, in addition to its first upscale extended-stay model.
The deal is not an acquisition, and WaterWalk retains possession of the model, a Wyndham spokesperson instructed BTN. Nonetheless, WaterWalk will likely be “absolutely built-in” into the Wyndham portfolio, “similar as every other Wyndham model,” in keeping with the spokesperson. WaterWalk will take part in Wyndham’s loyalty program and entry Wyndham’s property and income administration techniques.
Monetary phrases of the partnership weren’t disclosed, nor would Wyndham make clear whether or not the association was for a hard and fast interval.
“Within the final 12 months, visitor demand for the extended-stay phase reached report highs, which has been underscored by demand from homeowners and builders in search of new alternatives to accomplice with Wyndham,” Wyndham chief growth officer Chip Ohlsson stated in an announcement. “Our imaginative and prescient is to supply the business’s most sturdy portfolio of extended-stay manufacturers, and the addition of WaterWalk marks an essential step in that course.”
Based in 2014 by the late hospitality and extended-stay veteran Jack DeBoer, Wyndham stated WaterWalk has 11 properties totaling greater than 1,500 rooms. The model’s calling card is every property’s cut up between historically furnished extended-stay visitor rooms and unfurnished rooms, designed to permit long-term visitors to embellish to their style. DeBoer, who launched such manufacturers as Residence Inn and Candlewood Suites, died in 2021. His granddaughter, Mimi Oliver, is CEO of WaterWalk.
Wyndham would not disclose whether or not any further WaterWalk properties are within the growth pipeline, however the spokesperson stated, “we see long-term alternative for the model throughout each major and secondary markets, with each new building and conversion being viable choices for progress.”
Wyndham is “chargeable for the model’s long-term progress, taking level on figuring out and promoting new franchise alternatives,” in keeping with the spokesperson.
WaterWalk’s web site lists 12 open properties in Atlanta; Boise, Idaho; Charlotte, N.C.; Huntsville, Ala.; Jacksonville, Fla.; Kansas Metropolis, Kan.; Minneapolis; Phoenix; Raleigh, N.C.; San Antonio; Tucson, Ariz.; and Wichita, Kan.; the explanation for the discrepancy with the 11 Wyndham stated was becoming a member of its portfolio wasn’t instantly clear.
WaterWalk joins a Wyndham extended-stay portfolio that features 72-property midscale model Hawthorn Suites and Echo, the economic system model Wyndham introduced in 2022. Wyndham on Tuesday stated about 265 Echo properties had been within the growth pipeline with six nearing completion. Wyndham CEO Geoff Ballotti in February stated the corporate deliberate for 75 to be open by 2026.
WaterWalk in 2019 struck a deal with the serviced-apartment supplier then generally known as Oakwood Worldwide to type an extended-stay model, however Oakwood quickly after shifted its enterprise focus to hospitality administration earlier than being acquired by The Ascott Restricted in 2022.
