My Place Hotels of America has entered into a two-phase franchise and development agreement with Rimrock Companies, a privately-held real estate development and investment company headquartered in Jacksonville, FL, for 10 extended-stay hotels throughout the South over the next six years.
"We're honored to be partnering with the top extended-stay hotel brand in the business and grateful for the trust My Place Hotels has placed in us to develop a minimum of 10 new properties in the Southeast region of the U.S.," said Micah Linton, president and CEO of Rimrock Companies. "Our mission from the beginning has been to create exceptional commercial spaces to enhance the communities we serve. Each of these new properties represents an opportunity for us to create something extraordinary for not only guests but also the businesses in the surrounding area."
The properties will be in three states, growing My Place's presence in Tennessee, South Carolina, and Georgia. Some of the properties are already under development. All 10 are expected to be completed by 2029.
"The team at Rimrock is competent in development, and we have a ton of confidence in their ability to execute this business plan," said Ryan Rivett, founder, president, and CEO of My Place Hotels. "Their proven track record of focus on quality and integrity in their deals made this an easy agreement to structure — plus, they're just good people, and that's who we're looking to do business with at the end of the day."
The second phase of the development plan continues to focus on the country's Southeast region and incorporates at least as many franchises as the first phase.
This deal comes on the heels of a multiple-development agreement My Place Hotels announced in October 2022.
Nearly 70 My Place Hotels are open across 29 states with more than 130 hotels in the pipeline.