Located at 1910 University Blvd., the new three-story building features the requisite hotel amenities, as well as laundry facilities to accommodate long-term stays. "The appeal of our hotels reaches beyond the business and corporate community," explains Extended Stay vice president of marketing Mike Wilson. "Besides being ideal for professionals on extended or temporary assignments such as consulting or training, our properties are perfect for people building homes, relocating or attending family functions."

As a rule, the Spartanburg, SC-headquartered company does not release specific figures on development costs, but Wilson tells GlobeSt.com "the average development price running for all of our 468 hotels is about $5.5 million." He adds that some properties could cost as much as two or three times that amount to develop, depending on location. "The Lynchburg property, being in the market it is in, probably cost somewhere around the $5.5 million mark to build."