Companies Sign Agreements for 86 Value Place Properties

WICHITA, KS-The hotel brand Value Place has signed separate agreements with four holding companies to develop 86 Value Place hotel-apartment hybrids across the Midwest and South. The brand is owned by Jack DeBoer, the locally based creator of the extended-stay hotel concept, who also founded the Residence Inn, Summerfield Suites and Candlewood Suites brands.The four holding companies are Blue Water Holdings, New River Holdings, SunRidge Holdings and Vineyard Holdings. The specific agreements are:

• New River has added markets to an existing seven-property agreement. It will also now own and manage 30 properties in Las Vegas; Lincoln, NB; Norfolk, VA; and Richmond, VA. The first property in this agreement is under construction in Lincoln. It will open in fall.
• SunRidge will own and manage 24 properties in Alexandria, LA; News Orleans; the North Carolina cities of Greensboro, Raleigh-Durham, and Winston-Salem; and the Tennessee cities of Knoxville and Nashville. The Alexandria property is under construction and will open in winter.
• Vineyard will own and manage 24 properties in Omaha, NB; and the Texas cities of Austin, Killeen, San Antonio and Waco. The first Omaha property is under construction and will open in fall.
• Blue Water will own and manage one property in Topeka, KS.
• Value Place is a three-year-old brand that offers franchisees lower start-up and operating costs than traditional hotels. Each property requires as few as 4.5 full-time equivalent employee positions. The product is geared for business owners, contractors and others who need temporary lodging for job assignments and to travelers who need short-term housing at weekly rates. Including previous deals, franchise agreements are in place for the development of 175 Value Place hotels. Seven properties are open and 12 more are under construction. In May, Liberty Investment Properties acquired the rights to to develop 26 Value Place economy hotel-apartment properties in 26 Florida markets at an estimated aggregate development cost of $138 million.