CLEVELAND—Value Place, the nation's largest affordable extended-stay hotel operator, has been expanding, repositioning and renovating its national portfolio. And the company has just held the grand reopening of its hotels in Akron and Mentor, OH, and another hotel in Greenwood, IN, each of which received a $500,000 renovation.
After garnering guest feedback, the company enhanced each property by upgrading lighting, beds, and televisions, as well as amenities including high-speed, wireless Internet.
“We already meet the 'needs' of budget-conscious guests,” says Value Place chief operating officer Kyle Rogg. “These upgrades answer the 'wants.'”
Value Place plans to enhance corporate-and franchisee-owned properties, all new construction between 2002 and 2013. In addition, as reported in GlobeSt.com, the company bought 22 of its franchise outlets last fall for $115 million. And in September, GlobeSt.com also reported that company officials were using a $100 million capital investment from the privately-held, New York-based investment firm Lindsay Goldberg LLC.
Value Place tries to provide hotels appealing to government employees, military personnel, business travelers, and construction workers who travel frequently for work and require a budget-friendly hotel, company officials say.
In Akron, the four-story, 121-room property, located at 3325 Fortuna Dr., sits just south of downtown Cleveland near exit 120 off I-77. In Mentor, the three-story, 119-room property at 5650 Emerald Crt., sits near First Energy Stadium just off I-90. And the four-story, 121-room Greenwood property, located at 1009 Greenwood Springs Blvd., sits just south of downtown Indianapolis.
The company now has nearly 190 hotels in 32 states.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 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.
Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
