This number includes 14 franchised and seven corporate owned and operated hotels, and brings the company's full portfolio to 235 properties across the US.

The company also announced that it plans to open an additional 45 hotels (35 franchised, 10 corporate owned and operated) in 2018, has executed 23 deals year-to-date and has more than 25 deals in the sales pipeline, making it a record development year for the brand.

"Hotel real estate development remains an attractive investment opportunity, and the WoodSpring product provides ownership groups with an easy-to-operate model with low overhead and higher ROIs that attracts long-term guests," said Gary DeLapp, president and CEO, WoodSpring Hotels. "As strong as 2017 has been, 2018 looks even more promising. We expect to grow our portfolio by approximately 25 percent in the coming year, a testament to the brand's durability through all phases of the economic cycle."

"Over the past two years, our unit growth has increased more than 25 per cent, from 105 properties to 133," said Ron Burgett, executive vice president of franchise development and operations. "Of our 56 current multi-unit franchisees, 26 have joined us over the last three years, and franchise fee revenue growth has increased 37 per cent as a result. The WoodSpring brand has been fully reinvigorated with updated product, new corporate leadership and improved marketing efforts. The results already are paying dividends."