WoodSpring Hotels Holdings

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
WoodSpring Suites Charlotte Shelby, NC

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).

www.woodspring.com

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