Choice Hotels International, Inc. recently announced that two new development contracts for its Cambria Suites brand have been signed for New York City in Times Square and in Chelsea. The New York City development deals demonstrate the unprecedented commitment Choice Hotels has made to the Cambria Suites brand. This commitment includes mezzanine financing and capital to support the growth of the brand.These are the first Choice Hotels properties for each developer, the first Cambria Suites hotels to open in New York City, and the first time that multiple Cambria Suites properties are simultaneously under development in a single metropolitan city.
Both properties are scheduled to break ground in summer 2011 and open in early 2013.
With 194 suites, the Times Square property will be the largest Cambria Suites hotel to date. The property is being developed by Extell Development Company, a preeminent developer based in New York City. Extell’s growing real estate portfolio exceeds 20 million square feet of residential, hotel, commercial, and retail space, as well as land and golf course developments.
The Chelsea property will feature 140 suites and is the first hotel brand to be developed by Robert Chun of We Care Trading Co., Ltd.
In addition to Choice Hotels’ capital program for Cambria Suites, the company also has put in place resources and support that cover all of the significant areas needed to successfully develop, open and ramp up Cambria Suites properties for long-term success. These resources include capital investments in leading US markets, property level Choice Hotels funded Directors of Sales, dedicated development sales team, the most powerful reservations systems in the industry, one of the fastest growing hotel loyalty programs (Choice Privileges(R)), a dedicated revenue management strategy and robust marketing resources.
The first two Cambria Suites hotels planned for New York City will be located at 30 W. 46th Street (Times Square), and 123-125 West 28th Street (Chelsea).
SOURCE: Choice Hotels International, Inc.
