Red Roof Inn was founded in 1972 by Jim Trueman in Columbus, Ohio. Trueman believed most hotel chains were overpriced. He wanted to provide a clean, decent place for people to sleep without overcharging. Trueman used to pass out T-shirts which read “Sleep Cheap” , along with a picture of a hotel with a red roof.
The company was purchased by Accor in 1999 for $1.115 billion. Accor added 324 locations before selling the company in April of 2007 for $1.3 billion to Citigroup Global Special Situations Group and Westbridge Hospitality Fund LP.
The third Red Roof Inn still stands in Kalamazoo, Michigan. It was built in 1973. The company has been remodeling all locations in 2012 at a cost of $200 million. Red Roof Inns have approximately 400 locations across the U.S. and employ more than 4,500 persons.
