Choice Hotels International has reached a definitive agreement to acquire the brand and franchise business of WoodSpring Suites from WoodSpring Hotels Holdings LLC, a portfolio company of Lindsay Goldberg, for approximately US$231 million, subject to customary adjustments.

The acquisition will add nearly 240 extended-stay hotels in 35 US states to the Choice Hotels portfolio, creating an extended-stay portfolio of more than 350 properties with existing brands, MainStay Suites and Suburban Extended Stay.

Choice plans to hire the WoodSpring Suites franchise business employees and strengthen the existing multi-unit developer and franchisee relationships that have contributed to the success of the brand.

The transaction is expected to close in the first quarter of 2018, subject to regulatory approval, the concurrent closing of the sale of WoodSpring’s owned hotels to a third party, and satisfaction of customary closing conditions.