LOS ANGELES, May 15, 2013 /PRNewswire/ -- From its annual convention, Choice Hotels International, Inc. (NYSE: CHH), one of the world's largest hotel companies, today announced a major turning point for Cambria Suites, adding to the upscale brand's growing clout. Choice Hotels has entered into a joint venture with private investment firm Fillmore Capital Partners, LLC and its affiliates to develop multiple Cambria Suites hotel properties. This marks the brand's first institutional investor, underscoring the confidence developers and Choice Hotels have already expressed for the emerging brand's performance potential.
"This is further proof to the investment and development communities that we are truly making great strides with Cambria Suites," said Stephen P. Joyce, president and chief executive officer of Choice Hotels International. "Institutional investors bring instant influence to the table and Fillmore Capital is as good as it gets. Their team has the relationships with investors and access to capital coupled with a deep understanding of the hospitality industry."
The venture with Fillmore provides for the future development of multiple Cambria Suites hotels at locations within urban markets. This strategic partnership aligns perfectly with Choice Hotels' plan to establish Cambria Suites as a major brand in such key markets. Notably, Cambria Suites celebrated a landmark triple groundbreaking in the New York market at the end of 2012 and more recently broke ground in downtown Washington, D.C. as part of a highly anticipated mixed-use project next to the convention center. Further, Cambria Suites is part of a major mixed-use development in Rockville, Maryland next to Choice Hotels International's new global headquarters and announced a double development agreement for the Dallas and Phoenix markets with a first-rate developer.All Cambria Suites hotels are new-construction and the brand leads the rest of the upscale lodging segment in guest satisfaction scores as measured by guests' likelihood to recommend (LTR). Currently, many Cambria Suites hotels are ranked #1 and #2 in their respective markets on TripAdvisor. The brand is making its mark for delivering a consistently high level of style at an equally attractive price guests have come to count on.
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