UPDATE: Value Place officials said yesterday that the company had just opened another Ohio site, this time in Columbus at 375 Hutchinson Ave., its fifth in that region. Value Place partnered with a local franchisee in the development of this new hotel, which officially opened on October 9.
The original story appears below:
CLEVELAND—Value Place, the extended-stay hotel chain, has spent all of 2014 expanding its brand throughout the US, opening both corporate-owned and franchise outlets. And it just opened a newly constructed hotel in Cleveland, located at 20829 Emerald Pkwy. The new opening is a strong vote of confidence in both Ohio and Cleveland. It is the brand's 10th hotel in the state and the third serving the Cleveland metro area. The hotel opened to the public last Friday and the company plans to hold a ribbon-cutting event on October 23.
“This new hotel is conveniently located for our business travelers near the Hopkins Airport,” says Kyle Rogg, president and chief operating officer. “As evident through our recent flurry of grand openings across the country, demand for economy extended-stay hotels is on the rise.”
As reported in GlobeSt.com, Value Place also just opened a new hotel in Watford City, ND, and recently signed nine new license agreements that will bring new hotels to Chattanooga, Tampa, Austin, Nashville, Columbus, and other markets. And this activity seems to have boosted the bottom line. After the second quarter, the privately-held company reported that its system-wide revenue increased 10.6% over the same period last year to $55 million. Furthermore, it saw an 11.5% same-property RevPAW increase during the second quarter.
The company has also revamped its executive leadership in the past few years. In 2014 alone, for example, it has hired a new marketing head, a branding expert, and a new chief executive officer.
Located at the intersection of I-480 and Grayton Rd., the new four-story, 124-room hotel in Cleveland will feature such guest amenities as laundry facilities, high-speed wireless internet and modified kitchens.
Value Place now has nearly 190 hotels open in 32 states. The brand owns 78 of the properties and provides management services for both company- and franchise-owned locations. And over the next three years, company officials say they will expand by acquiring land to build corporate and franchised properties in many other markets including Miami, Philadelphia, Fort Lauderdale, Boston, Atlanta, Chicago, Minneapolis, Los Angeles, Seattle, and Portland.
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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.
