WATFORD CITY, ND—Value Place has been very busy over the last year-and-a-half. Last January, GlobeSt.com reported that the extended-stay hotel brand got a $100 million capital investment from the New York-based investment firm Lindsay Goldberg LLC to jumpstart the construction of dozens of new projects. Since then, the company has launched projects across the US, and this week, opened its third low-cost extended-stay hotel in the oil-rich Bakken region of North Dakota.
Thousands of oil workers have poured into the region's small towns and cities, creating the need for new housing and retail outlets. The company's new 124-room hotel, located at 4005 Frontier Ave. in the Crossings at Watford City, a planned development in Watford City, ND, opened yesterday. The company's other Value Place hotel is in the nearby city of Williston. Local franchisor Art Cahoon of Nakota Development, LLC partnered with Value Place to develop the Watford City location.
“This new location is the latest in our aggressive expansion across the US,” said Andy Anderson, executive vice president of business development at Value Place. “Demand for economy extended-stay hotels is steadily increasing and we are excited to serve this previously underserved hotel segment.”
Value Place hotels typically have four-stories, 124 rooms, and amenities as laundry facilities, high-speed wireless internet and modified kitchens.
“We have a continued commitment to create lodging opportunities for workers in the newly developing communities serving the Bakken shale industry,” added Cahoon. “Our Watford City location will provide a safe and clean lodging option for the rapidly expanding workforce in this region, as well as visiting families and other travelers to the area.”
Over the next three years, Value Place plans to acquire land for both corporate and franchised properties in many markets including Miami, Philadelphia, Fort Lauderdale, Boston, Atlanta, Chicago, Minneapolis, Los Angeles, Seattle, Portland, and Atlanta.
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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.
