Red Roof Inn® Continues Under the Westmont Umbrella in Multi-Million Dollar Deal
Columbus, OH – June 1, 2015 – Recognizing high demand for the Red Roof® brand and the company’s continuing growth trajectory, Westmont Hospitality has recapitalized a portfolio of 89 Red Roof® properties. Westmont will be a minority stakeholder in the new venture and will continue to operate the portfolio.
"Westmont has such confidence in Red Roof and the potential of the brand. Westmont, understanding the value of the assets and the Red Roof Brand, was determined in its desire to maintain their investment in these assets and we are looking forward to continued growth under their umbrella," said Andrew Alexander, President of Red Roof Inn.
Alexander says all of the 89 properties will remain Red Roof Inn® or Red Roof Plus+® properties. The new partnership has also developed a multi-million dollar renovation strategy to upgrade the current level of renovations at some of the properties to better position them for strong revenue growth. Property upgrades will include either NextGen® or PLUS+® designs which include modern furniture, flat screen TVs, vessel sinks, wood-like floors, additional electrical outlets, a 100% smoke-free designation, rest suite beds by Serta®, high-end bedding and renovated lobbies.
The Westmont purchase signifies how integral the economy lodging sector has become in the investment community especially as competition for upscale and luxury properties heats up. "Red Roof is a successful, robust brand with name recognition and an enviable reputation among its franchise owners and its guests and the brand is also a significant component in Westmont’s business ecosystem," notes Alexander.
For more information and to book at Red Roof®, please visit redroof.com or call 800.RED.ROOF (800.733.7663).