Doubletree, DeBoer To Launch New Extended Stay Chain.PHOENIX--(BUSINESS WIRE)--October 20, 1995--Doubletree Corporation announced today that it has entered into an agreement in principle with Jack DeBoer, the founder of Residence Inn, to launch a new nationwide hotel chain to compete in the fast-growing adj. 1. tending to spread quickly; - used mostly of plants. Adj. 1. fast-growing - tending to spread quickly; "an aggressive tumor" strong-growing, aggressive extended stay market. The venture, to be headquartered in Wichita, Kan., will be called Candlewood can·dle·wood n. 1. Any of several trees or shrubs yielding a usually resinous wood. 2. The wood of such a plant, burned for light or fuel. 3. The ocotillo. Noun 1. Hotels and is designed to serve the value-oriented guests with a high-quality, fully equipped studio unit, at rates generally below $50 per night. Mr. DeBoer, who will serve as President and Chief Executive Officer of Candlewood, is widely credited with creating the extended stay concept. He launched the highly successful Residence Inn concept in the late 1970s, which he later sold to Marriott. Mr. DeBoer also co-founded the Summerfield Suites In June 2005 the Blackstone Group acquired Wyndham International for $3.2 billion. Summerfield Suites, Wyndham’s extended stay offering, was included in the deal. On December 1st 2005 Global Hyatt confirmed that it had entered into a definitive agreement to acquire the chain, which competes in a more upscale end of the extended stay market. Candlewood will own, develop, manage and franchise Candlewood Hotels. The company will initiate an aggressive franchising program at its outset. Mr. DeBoer stated, "the prototype Candlewood Hotel is currently under construction in Wichita, Kansas
Wichita, also known as the Air Capital of the World, is the largest city in the U.S. state of Kansas, as well as a major aircraft manufacturing hub and cultural center. . We are excited about our partnership with Doubletree dou·ble·tree n. A crossbar on a wagon or carriage to which two whiffletrees are attached for harnessing two animals abreast. Noun 1. and Candlewood's growth prospects in the rapidly growing extended stay market." Doubletree, a Phoenix-based leading hotel management and franchising company, will be a 50% investor in this new venture. Doubletree Co-Chairmen, Richard Ferris and Peter Ueberroth Peter Victor Ueberroth (born September 2, 1937 in Evanston, Illinois) is an American executive. He served as the 6th commissioner of Major League Baseball from 1984 to 1989, and is currently head of the United States Olympic Committee. , jointly stated that "Doubletree is delighted to have the opportunity to work with Mr. DeBoer. The extended stay market is a natural extension of Doubletree's product line. There is no one more qualified than Jack DeBoer to develop the Candlewood Hotel chain." CONTACT: Bill Perocchi (602) 220-6810 |
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