Hospitality Portfolio.
Tylyn Ventures, in partnership with Rimrock Companies, is excited to develop Choice Hotels' Extended Stay brands, Everhome and Woodspring Suites, in the Southeast. Rimrock, a diversified real estate development company based in Jacksonville, Florida, is engaged in projects globally across various sectors. Currently, the company is focusing on the hospitality sector, where it is building a pipeline of extended-stay hotels.
Choice Hotels (NYSE: CHH) is one of the world’s largest lodging companies with over 7,500 hotel locations and 22 distinct brands in more than 40 countries. The Choice privileges rewards program includes more than 47 million members. Choice hotel brands range from limited service to full service in the upscale, midscale, economy, and extended stay segments. In addition to Everhome Suites, other recognizable brands by Choice include WoodSpring Suites, Radisson, Comfort Suites, Country Inn & Suites, Quality Inn, Clarion and many others. Choice has been an industry leader in the extended stay segment for many years.
Extended stay hotels have gained broad appeal with consumers, investors, and lenders, in large part because they bridge the gap between apartments and traditional hotels. Extended-stay hotels are purpose-built, staffed, and operated to attract longer stays - on average 14 nights vs 2 nights at traditional hotels. The extended-stay model has historically appealed primarily to business travelers on long-term assignments or those seeking corporate housing following job relocation.
Everhome Suites is a newly constructed, midscale extended-stay brand from Choice Hotels, designed to provide comfort, convenience, and stability for longer stays. It offers developers the opportunity to leverage Choice's efficient operating model. Each hotel features apartment-style accommodations with fully equipped kitchens, dishwashers, stovetops, smart TVs, and rolling workstations. Amenities include 114 rooms, a spacious multipurpose lobby, market pantry, fitness center, outdoor area, and guest laundry. Everhome is well-suited to attract "gray collar" professionals in finance, tech, and healthcare, as well as leisure travelers and families.
WoodSpring Suites, an economy extended-stay brand from Choice Hotels, offers a welcoming environment for budget-conscious travelers. Each purpose-built property features all-suite rooms with fully equipped kitchens, including full-size refrigerators, stovetops, and microwaves, along with comfortable seating, flat-panel TVs, desk space, and free Wi-Fi. Additional amenities include 24/7 laundry, vending facilities, a fitness center, and lobby coffee service. Targeting the "blue collar" workforce in construction, manufacturing, and healthcare, WoodSpring Suites has proven resilient and profitable since Choice acquired Value Place in 2015, with over 260 locations nationwide.
Panama City Beach, FL — Everhome Suites
Everhome Suites will be located in Panama City Beach along the Gulf of Mexico. It’s white sand beaches and emerald blue waters attract approximately 4.5 million tourists each year. The local economy is led by military and defense entities and the manufacturing industry. The area includes three military stations, Tyndall Air Force Base, Naval Support Activity Panama City, and U.S. Coast Guard Station Panama City which serve as training facilities and employment opportunities. Strong growth & development in the market has increased the demand for construction projects. In May 2023, Panama City Beach's City Council announced a new comprehensive growth and development plan, which is expected to cost approximately $350 million and be completed within ten years.
Jacksonville, FL — Everhome Suites
Everhome Suites will be situated in Jacksonville, located along the Atlantic coast in northeastern Florida. As the most populous city in the state, Jacksonville is on the brink of significant growth. The city's mayor recently introduced the “Resilient Jacksonville” plan, which outlines an investment of approximately $8 billion in ongoing development projects. The downtown area is set to receive the largest share of this investment, with over 100 acres along the St. Johns River being developed for mixed-use purposes and parks, along with around 5,000 residential units currently under construction or in the approval process. The Jacksonville Everhome site is about 7 miles from downtown, catering to the extended stay needs of displaced residents and construction crews. In the healthcare sector, institutions like UF Health North, Memorial Hospital, St. Vincent's, Baptist Health, and Mayo Clinic are all expanding, contributing to a diverse demand within the market.
The Villages, Oxford, FL — Woodsprings Suites
Woodsring Suites will be constructed in The Villages, an age-restricted retirement community in central Florida that spans three counties. This area is renowned for its leisure activities and recreational amenities. Its economy is diverse, including sectors such as healthcare, manufacturing, and distribution. The demand for adequate medical facilities and services has created a strong need for hotels in the region. The Villages and the Oxford area are currently experiencing economic growth and expansion, fueled by a thriving residential sector and accompanying commercial and retail development. The Villages Land Co. has acquired nearly 16,000 acres in south Wildwood (approximately 4 miles south of Oxford) to expand the age-restricted community. Wildwood has approved the construction of nearly 50,000 homes, which is expected to significantly increase the demand for extended stay hotels in the coming years.
Fort Myers, FL — Everhome Suites
Everhome Suites will be situated in Fort Myers, located in southwestern Florida along the Gulf of Mexico. Both tourists and residents are attracted to the area's white sand beaches, including Fort Myers Beach, as well as nearby attractions like Everglades National Park and various outdoor shopping districts. According to US News, Fort Myers is the fastest-growing city among 150 major cities in 2024, experiencing a population increase of 6.73% from 2021 to 2022 due to net migration. The city's lively downtown, abundant outdoor recreational opportunities, warm climate, and natural beauty are appealing to newcomers. Development plans are actively progressing to accommodate the area's expanding population.
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