My Place Hotels of America has entered into a multiproperty franchise agreement with Lloyd Companies to develop 10 new My Place Hotels over the next five years in the Midwest. The property locations will be announced in the coming months, with Missouri and Ohio identified for the first phase of development.
"When we sat down with the Lloyd team, it didn't take long to see the alignment," Matthew Campbell, COO of My Place Hotels, said in a statement. "They share our values, they understand the business, and they're committed to doing it the right way. That kind of due diligence works both directions, and with Lloyd, it made the decision easy."
Lloyd Companies will lead development and construction, and Lloyd Hospitality Group will manage hotel operations. Construction on the first property is set to begin later this year, followed by a second property shortly after. The partners plan to open two properties per year, sticking to a six‑month development cadence. The first opening is slated for early 2027.
The partnership between the two companies grew out of a relationship formed through mutual connections. As the Lloyd team became more familiar with My Place’s business model and leadership, they recognized a strong alignment in how both organizations view the hospitality business—and that shared vision ultimately led to this agreement.
"Adding an extended-stay platform to our hospitality division has been a strategic priority for some time now," said Chris Thorkelson, president and CEO of Lloyd Companies. "It allows us to diversify our portfolio, build on our operational expertise, and continue our growth strategy. But we were only going to do it with the right partner—one that views the hospitality business the way we do and whose operating structure positions us to protect and strengthen long-term investments across multiple communities. We found that in My Place."
This agreement comes on the heels of My Place Hotels’ other multiproperty agreements with TGC Group and Opwest, signifying the brand’s momentum and the strength of the extended-stay segment. Extended-stay brands now account for more than one-third of all U.S. hotel projects under construction and extended-stay hotels have continued to gain market share, with their share of industry room revenues increasing every year since 2011.
"The interest in extended-stay properties continues to grow, and so does the number of developers who want to work with us," said Ryan Rivett, CEO of My Place Hotels. "And while that momentum is exciting, we've learned to be selective. Every partnership has to work for all the stakeholders involved—our franchisees, our investors and the communities we operate in. That's how we protect the brand and continue to grow the right way."