Founded in 2002 by Jack DeBoer, the founder of other hotels, such as Residence Inn and Candlewood Suites, the company opened its first hotel in Witchita, Kansas, in 2003. Franchising began the following year. The original name was Value Place Hotels and Suites, however, in April of 2014, the company decided to rename the hotel chain to WoodSpring Hotel or WoodSpring Suites, depending on the design of the hotel.
To keep costs low, WoodSpring Hotels average 4 to 5 employees per shift, about half of what other hotels employ. Each property averages 124 rooms or suites. Names are being changed over the next few years, along with some remodeling plans.
According to franchise leaders, the company currently has 25 hotels under development at this time.
Currently, the company has 111 franchises and 84 company-owned locations. The company has expansion plans, with a 124 room hotel that opened in early 2016 in Louisiana, and plans to open 30 more hotels over the next two years.
According to an April 2017 report from the Highland Group, extended stay hotel demands are high at this time. As of today, there are 44000 extended stay hotels in the U.S., which accounted for about $11 billion in revenue in 2016. WoodSpring Hotels has both franchise- and corporate-owned hotels and is growing at a pace of about two dozen hotels per year.
Annual revenue for the company in 2014 was listed as $224 million. Headquarters are located in Witchita, Kansas.