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InTown Suites in Houston. Intown Suites was founded in 1988 by David Vickers. [1] During two decades of existence, Intown Suites has proved to be a very successful business, and is currently one of the fastest growing extended-stay chains. In May 2015, 50 properties were purchased by Starwood Capital Group. [2]
In 1999, Motel 6 launched Studio 6 Extended Stay, hotels with suites that are designed for longer stays and feature kitchenettes. In 2000, Motel 6 went international by opening its first location outside the U.S. in Burlington, Ontario, Canada. Then, in 2002, Motel 6 celebrated its 40th anniversary at its first location in Santa Barbara ...
Short-term rental (STR) describes furnished self-contained apartments or houses that are rented for short periods of time. [1] They are usually seen as an alternative to hotels. "Short stay" rentals are an offshoot of the corporate housing market, [2] and are also offered by private owners and investors via online platforms such as Airbnb. [1]
On June 2, 2017, the company sold the InnSuites Ontario California Hotel and Suites property for $17.5 million and repaid debt of $7.2 million. [ 7 ] In August 2018, the company sold IBC Hotels to OBASA Capital Investments for $250,000 and a promissory note in the amount of $2,750,000 with interest to be accrued at 3.75%.
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