WoodSpring Hotels

Why Lindsay Goldberg?

WoodSpring was founded by Jack DeBoer, a highly successful entrepreneur and pioneer in extended-stay lodging, having previously founded Residence Inn (sold to Marriott), Summerfield Suites (sold to Hyatt), and Candlewood Suites (sold to Intercontinental). Jack sought a trusted partner who would support business building initiatives and help develop the company through its next phase of growth.

Investment Thesis Highlights

  • Partnership with industry leader
  • Leading brand with opportunity to penetrate its existing market and expand its geographic footprint
  • Follow-on opportunities: The high potential for growth in the extended stay segment afforded Lindsay Goldberg the opportunity to invest to support the growth of business at an attractive expected return
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Post-Investment Value Creation

  • Rebranding and renovation: The company rebranded itself, facilitating company-wide rate increases. WoodSpring also refurbished the majority of its owned hotels, which boosted brand interest among franchisees and opened up higher-rate markets.
  • Active business building strategy: Lindsay Goldberg invested in WoodSpring on seven separate occasions to help facilitate significant growth, increasing the company’s footprint through new property developments and the expansion of its franchise model.
  • Organization: After Jack DeBoer’s previously planned transition to a non-operating role, Lindsay Goldberg recruited Gary DeLapp, a successful industry veteran, to serve as CEO.

Exit Summary

In February 2018, Lindsay Goldberg sold WoodSpring’s franchise business to Choice Hotels (NYSE:CHH) and sold WoodSpring’s owned property portfolio to Brookfield Asset Management (NYSE:BAM).

Hotel WoodSpring Suites Greenville, SC