My Place Signs 10-Hotel Midwest Agreement With Lloyd
Lloyd Companies will construct and manage 10 extended-stay properties across the Midwest under a five-year development deal.
The short answer
My Place Hotels has signed a 10-hotel franchise development agreement with South Dakota-based Lloyd Companies to expand across the Midwest. The partnership will deliver two properties annually over five years, with initial builds launching in Missouri and Ohio.
The short version
- My Place Hotels signed a 10-property franchise agreement with Lloyd Companies to expand across the Midwest [[1]], [[2]].
- Lloyd Hospitality Group will manage all 10 locations, with the first hotel slated to open in early 2027 [[1]], [[2]].
- Missouri and Ohio are selected for the initial phase, following a cadence of two property openings per year [[1]], [[2]].
My Place Hotels of America has entered into a multi-property franchise agreement with South Dakota-based construction firm Lloyd Companies to build 10 extended-stay hotels across the Midwest over five years [1], [2]. The partners will develop two properties per year on a six-month cadence, starting later this year in Missouri and Ohio, with the initial hotel opening scheduled for early 2027 [1], [2].
What are the terms of the My Place and Lloyd Companies agreement?
Under the franchise agreement, Lloyd Companies will direct the development and construction of 10 new My Place properties across the Midwest [1], [2]. Its operating subsidiary, Lloyd Hospitality Group, will oversee management and operations across all 10 locations [1], [2]. The program spans five years, with construction on the first project beginning later this year and a second build starting shortly thereafter [1], [2]. As Hotels Magazine reported, the first completed property under the partnership is slated to open in early 2027 [2].
Where will the initial properties open?
Missouri and Ohio have been selected as the states for the initial development phase [1], [2]. Hotel Dive reported that My Place and Lloyd Companies established a six-month development cadence designed to open two properties annually [1]. The companies intend to disclose additional Midwest locations in the coming months as sites are finalized [2].
| Development Milestone | Target Schedule | Operational Detail |
|---|---|---|
| First Property Construction | Later this year | Phase one targeting Missouri and Ohio [1], [2] |
| Second Property Construction | Shortly after first property | Part of the rolling six-month cadence [1], [2] |
| Inaugural Property Opening | Early 2027 | Operations run by Lloyd Hospitality Group [1], [2] |
| Full Portfolio Delivery | Five-year timeframe | 10 total properties, two openings per year [1], [2] |
How does this agreement fit into My Place's growth strategy?
The agreement expands the footprint of My Place, which currently operates in 32 states and maintains a development pipeline of more than 125 hotels [1]. The brand has relied on programmatic multi-unit franchise agreements to scale [1]. Past multiproperty deals include partnerships with TGC Group and Opwest Partners [1], [2]. Through the Opwest partnership, My Place opened a hotel in Mesa, Arizona, in January, marking the third extended-stay asset opened with that partner over three years [1]. Matthew Campbell, COO of My Place Hotels, noted that due diligence aligned both organizations on operational values and business execution [2].
Why did Lloyd Companies enter the extended-stay space?
Lloyd Companies sought to add an extended-stay flag to diversify its hospitality operations and expand its real estate holdings [2]. The company entered the agreement through mutual relationships [2]. Chris Thorkelson, president and CEO of Lloyd Companies, stated that an extended-stay platform had been a priority for the firm to build operational expertise while safeguarding investments across local communities [2].
What trends are driving extended-stay pipeline activity?
The deal reflects continued investor and developer interest in long-term lodging formats [1], [2]. Extended-stay brands represent more than one-third of all hotel projects currently under construction across the United States [1], [2]. According to trade reporting, extended-stay assets accounted for 40% of all pipeline projects as of the third quarter of 2025 [1]. Furthermore, the extended-stay segment has grown its share of total hospitality industry room revenues every year since 2011 [2].
Reported by
This article was written from the following reporting. Follow the links for the original coverage.
- [1]My Place Signs 10-Hotel Deal to Expand Extended-Stay Brand— Hotel Dive
- [2]My Place Hotels Partners With Lloyd Companies for Growth— Hotels Magazine
Frequently asked
+How many hotels are included in the My Place and Lloyd agreement?
The multi-property agreement encompasses 10 new-build extended-stay hotels scheduled for development across the Midwest over a five-year period [[1]], [[2]].
+Who will build and manage the new My Place hotels?
Lloyd Companies will lead the planning and construction, while its subsidiary, Lloyd Hospitality Group, will run daily operations and property management [[1]], [[2]].
+When and where will the first hotels break ground?
Construction on the first property starts later this year, followed shortly by a second build, with Missouri and Ohio identified for the opening phase [[1]], [[2]].
+When is the first property expected to open?
The partners plan to open the first hotel under the new franchise agreement in early 2027 [[1]], [[2]].
+What is the expected opening pace for the portfolio?
My Place and Lloyd Companies will follow a six-month development cadence, opening two new properties per year across the five-year timeline [[1]], [[2]].
+How large is the broader My Place Hotels pipeline?
My Place operates across 32 states and maintains an active pipeline of more than 125 hotels, backed by multi-property agreements with groups such as TGC Group and Opwest Partners [[1]].
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