Construction is expected to begin in September on a 121 room, four-story hotel at 800 W. North Ave., Carol Stream, IL and a 124-room, four-story hotel at 3925 Alvin St., Appleton, WI, Matthews says. Both hotels are expected to open in the spring of 2009. The hotel rooms are furnished studios with full kitchens, and are geared toward small-business travelers and consultants.

The extended-stay hotel chain has been in existence since 2003 with 96 locations in 20 states. By the end of this month, the 100th Value Place hotel is expected to open. The company has been able to perfect its model, he says. "You have to walk before you run," Matthews says. However, the brand is still new enough that VP Ventures feels there is a lot of growth potential.

The company plans to open between four and six hotels each year for the next two years and plans to open between 10 and 12 hotels per year afterwards, Matthews says. Matthews, who is a managing partner of Gem Development Group LLC, based here, formed VP Ventures with Bill Kanatas and Bob Parsons to develop the hotels. "The extended-stay product is under-served," Matthews says. "There are none in Chicagoland." The Carol Stream hotel will be the first Value Place in the Chicagoland area, Matthews says. In the Midwest, there are Value Place properties in Champaign, IL; Bloomington, IL; Indianapolis, and a location in Michigan, he says.