Value Place Transforms Into WoodSpring Suites
The company makes a bold move to reinvent the company as it prepares to move into new markets.
Thursday, April 23, 2015
We are on Twitter
Value Place is reinventing its brand positioning with a wholesale identity change. As of this morning the brand is now officially known as WoodSpring Suites, which the company’s brand leaders feel is better brand positioning in the consumer mindset.
During a press conference held this morning during the Asian American Hotel Owners Association annual convention, CEO Bruce Haase said the move immediately repositions the company for its next stage of growth.
“This is the gateway to building this brand and developing this market of extended stay hotels,” said Haase, who appeared on a live video feed along with company President Kyle Rogg from the company’s annual conference being held this week in Orlando. “It’s a terrific name and in many ways this is a re-launch of the company in a lot of ways. We are investing in the product and people and are bringing company to a whole new level.
He added there was a large swath of people that liked the former Value Place product but the brand name didn’t communicate the true essence of the brand.
The company is also developing a brand extension dubbed WoodSpring Suites Signature, which is designed for higher barrier to entry markets and is designed for consumers that are not as focused on the brand’s current weekly pricing. The Signature properties will also feature weekly housekeeping and may have some sort of F&B component.
Haase said the name change will give the company access to new types of customer segments the company previously haven’t had access to in the past, while giving them entrée into “higher value markets.” He said that will allow the company to build a truly nationally distributed brand. “We think WoodSpring Suites will get us there.”
“The WoodSpring Suites prototype gets us into higher rated markets, which was historically difficult to get an extended stay market built,” said Rogg, adding the company did extensive research before crafting the new corporate strategy. “We found there was a significant gap in the way consumers thought of our product compared to the reality of our product. When the [customer’s] experience it is very strong and changing the name captures the consumer experience.”
Interestingly, they said the new name doubles guest stay intent. They polled about 10,000 extended stay customers that were both customers and noncustomers of the brand.
The company is also adopting the tag line: It’s simple, done better.
“This new identity speaks to what the product already is. The extended stay guest, many are going through life changes and they want a simple experience, but not in a stark way. They want it done better. This is not just a marketing message, it’s a powerful rallying cry for our company,” explained Haase.
The company’s franchise partners endorse these changes, and Haase said the announcement at their annual conference today was greeted with a standing ovation.
“The development community is fully on board and ready to run quickly to capitalize on this opportunity,” said Ian McClure, chairman of the company’s franchise advisory board.