California-based Corinthian Development Co. completed an agreement with Wyndham Hotel Group (NYSE: WYN) to develop more than 15 midscale Wingate by Wyndham hotels in several markets throughout the U.S. and Canada over the next two years.
The initial sites planned for development are located in Denver, Seattle and Nashville. Other markets targeted for new hotels include Boston, Chicago, Los Angeles, New York, Toronto and Vancouver, among others.
Corinthian, which said it has secured financial backing from an undisclosed capital partner, plans to spend up to $250 million to develop the multiple properties. The franchised hotels will be managed by Dallas-based Aimbridge Hospitality, the second largest independent hotel investment and management firm in the U.S., which currently operates more than 30 Wyndham Hotel Group properties under several of the company’s hotel brands.
“This agreement presents a significant opportunity to leverage the improving new-construction development environment and increase our Wingate by Wyndham portfolio by more than 10 percent,” said Bob Loewen, executive vice president and chief operating officer of Wyndham Hotel Group in a statement announcing the agreement.
With demand for hotel rooms reaching historic highs, and limited new supply since the economic crisis of 2008, Corinthian Development CEO James Wolford said he believes it is an ideal time to expand the Wingate by Wyndham franchise, which currently consists of 153 properties in the U.S., Canada and Mexico, with 20 properties representing more than 1,900 rooms currently in the development pipeline.
Last year, Wyndham said it introduced an updated new-construction prototype that is less expensive to build and offers hotel owners improved operating efficiencies.
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