Search
 

Value Place Plans Major Portfolio Expansion

WICHITA, KS-The locally based hybrid hospitality-residential chain plans to have 150 properties under construction next year.

By Danielle Anderson | Updated on December 28, 2006

WICHITA, KS-Value Place, a locally based hybrid hospitality-residential chain that opened its first outpost here in fall 2003, has ambitious expansion plans for 2007. The company, which currently has about 30 Value Place extended-stay hotels in 23 states, plans to have 150 new properties under construction next year, says Charles Bruce, Value Place’s senior vice president of brand strategy.

The portfolio expansion will be fueled in part by $25-million equity revolver financing, which was recently secured on behalf of Value Place by New York City-based AFC Realty Capital. The facility, which was placed with an institutional private equity fund, gives the developer the ability to drive at least $250 million in construction loans, says Paul Fried, an AFC principal.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.