Tuesday, August 27, 2024 Choice Hotels International, Inc. a leading global hospitality company, recently signed its inaugural agreement under the revitalized SOAR (Supporting Ownership Access and Representation) initiative. This program aims to foster hotel ownership among diverse groups.
Damon Healey, from Eternal Companies—a firm specializing in real estate investment and management—sealed a deal to transform two Georgia properties into Suburban Studios, showcasing one of Choice’s premier extended stay portfolios. The transformation culminated with the opening of these sites on May 30. “We’re so excited to announce the first contract under the newly reintroduced SOAR program and to work with franchisees like Damon Healey.
Our team is dedicated to opening doors so that underrepresented entrepreneurs can soar as hotel owners,” said John Lancaster , vice president of franchise development and strategic programs at Choice Hotels International. “Choice has, if not the best, one of the best franchise models, especially in the extended stay category. That’s why I’m thrilled that our hard work and dedication, with the help of SOAR and our investors, including partners also within the African American community, have paid off and we’ve been able to successfully open two Suburban Studios in Georgia,” said Damon Healey , founder of Eternal Companies.
“The level of support we have received from Choice on how to navigate hotel ownership every step of the way has been next level. I hope my journey will help inspire others to get into hotel ownership.” The “Extended Stay Made Easy” concept by Suburban Studios was implemented, providing a streamlined process for rapid conversions.
Details of the newly opened properties are as follows: “Choice is a leader in extended stay and the category continues to be one of the hottest in the hospitality industry with double the demand to supply,” said Matt McElhare , vice president and lead for extended stay brands, Choice Hotels. “That’s why we’re so excited to welcome Damon Healey and Eternal Companies to the Choice extended stay family and hope to work with him on more projects in the future.” The re-launch of the SOAR program underscores Choice’s enduring commitment to promoting entrepreneurship among historically underrepresented groups.
It remains the only company in the hospitality sector with a team dedicated exclusively to increasing hotel ownership for diverse entrepreneurs. Over the past two decades, Choice has supported over 370 franchise agreements with minority and veteran business owners. In 2023, the Emerging Markets program, now known as SOAR, finalized 28 new franchise agreements.
These included partnerships with African American, Hispanic, Native American, veteran, and female entrepreneurs. Among these, there were 9 contracts with African American owners and 17 with female proprietors under the HERtels by Choice initiative—a program tailored to support women entrepreneurs. The year also saw a doubling in contracts with Native American owners and a 30% increase in those with Hispanic and Latino owners.
Since its inception in 2021, the HERtels program has engaged about 80 women, resulting in the launch of 59 new hotels owned by women..
