Developer Highside Companies has secured a USD500 million funding package to support the development of a portfolio of extended stay hotels across the USA.
The commitment is a boost for Highside’s development pipeline, but also for Choice Hotels and its Everhome Suites extended stay brand. Funds will be provided by lender Apollo, with the package being one of the largest in this segment of the market, for many years.
A midscale extended stay offering
Everhome Suites is a relatively recent addition the Choice Hotels International brand portfolio, with the first hotel opening under the brand banner in 2022. Designed to fit into the midscale segment, it joins a growing extended stay portfolio at Choice, which was early to see the market potential of accommodation products to suit those visiting an area for a longer while.
Aside from its latest brand, Choice already operates three core extended stay brands: Mainstay Suites, Suburban Studios, and WoodSpring Suites. These sit within a portfolio of 22 hotel brands overall, encompassing over 7,400 hotel destinations worldwide.
Everhome was devised to fit a gap in the Choice offering for guests, and also for owners and operators. Apartment style accommodation includes fully specified kitchens, with a full size fridge and dishwasher. The midscale product is designed for new build development, and will typically include a mix of studio apartments and larger, one bed units that have space for a clothes washer and dryer.
Common facilities include a fitness centre, laundry and a self-serve shop offering basic groceries and consumables. Outside, there will typically be a barbecue area, while where space permits there may be an outdoor pool for guests to enjoy.
For owners and operators, the templated design promises a hotel with low construction costs. Once in use, the property is easy to run with low staffing levels, and a good return on investment.
A relative newcomer, Highside was established in 2019 and has made its name in the extended stay sector, with a live portfolio of developments adding up to more than USD1 billion currently, on sites across the US and Canada. The new funding will support around 35 new and existing projects, to be delivered over the coming five years.
“We are long term believers in Everhome Suites and the broader extended stay model and will continue to grow our portfolio aggressively,” said Justin Roberts, CEO of Highside Companies. “Our plan is to build a diversified institutional-sized portfolio of extended stay assets over the next five to 10 years.”
A significant boost for Everhome Suites
Matt McElhare, vice president for extended stay brands at Choice, declared the deal a pivotal moment for the Everhome Suites flag. “With Highside’s demonstrated development expertise and our best-in-class extended stay playbook, we’re positioned to accelerate the nationwide expansion of Everhome Suites at a time when demand for extended stay accommodations continues to rise.”
Texas is the first US state to see major development of Everhome Suites hotels. In the first half of 2025, the brand opened sites in Amarillo, Bastrop, Brownesville, El Paso, Georgetown and Waco. Elsewhere, sites in Salem, Oregon and Dayton, Ohio are under construction, and the brand’s first hotel in Arizona recently launched, in Yuma.
