Dive Brief:
- Midscale extended stay brand YourSpace broke ground on its inaugural hotel in Chesapeake, Virginia, parent company YourSpace Partners announced Monday.
- The new brand aims to offer a “reimagined experience” for guests requiring longer-term stays, offering modern amenities like in-room washers and dryers, among others, the company detailed in a release.
- Additional YourSpace hotels are planned to launch within the next year. The brand enters the competitive extended stay segment, in which major hotel players like Marriott and Hyatt are also growing new midscale brands.
Dive Insight:
The first YourSpace hotel broke ground after more than four years of planning, CEO Neel Desai announced Monday on LinkedIn.
Catering to “the evolving needs of extended stay travelers,” the 4-story, 122-key hotel will feature rooms with fully furnished kitchens and additional amenities like personal storage facilities and on-demand food and beverage offerings.
The inaugural YourSpace hotel is slated to open next summer. YourSpace Partners plans to launch two more locations within the next year in Suffolk, Virginia, and Elizabeth City, North Carolina.
The YourSpace locations will be managed by Virginia-based LTD Hospitality Group, which will “help position YourSpace as a leader in the extended stay market,” Desai said in a statement.
YourSpace enters the highly competitive extended stay space, in which other larger companies are making growth moves. Marriott International, for example, broke ground earlier this year on the inaugural location of its midscale extended stay brand, StudioRes. Hyatt, likewise, is underway on the first hotel for its upper midscale extended stay brand, Hyatt Studios.
Wyndham Hotels & Resorts, meanwhile, opened its first Echo Suites hotel earlier this month. The extended stay brand has a pipeline of nearly 300 hotels across the U.S. and Canada.
Smaller brand LivAway Suites also has ambitious growth plans, anticipating to have 50 hotels under construction or open by 2026.
