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VP Ventures Plans $240M of Hotel Investment

FRANKFORT, IL-The corporation expects to open Value Place extended stay hotels in Carol Stream, IL and Appleton, WI next spring.

By Gina Kenny | Updated on July 08, 2008

FRANKFORT, IL-VP Ventures LLC, based here, is developing two Value Place hotels in Carol Stream, IL and Appleton, WI and has plans to develop 40 hotels throughout the Chicagoland area. The estimated cost per hotel is between $5 million and $7 million, “depending on the location and the site work needed,” says Tom Matthews, a principal with VP.

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.

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