FREDERICKSBURG, VA—Value Place has opened a newly-constructed extended-stay hotel here at 1455 Carl D Silver Pkwy. It is the flag's seventh hotel in Virginia, joining locations in Chesapeake, Richmond, Gainesville, and Manassas.
One reason the brand opened in this city is that it is the fastest-growing locality in Virginia for both business and population, according to Andy Anderson, Executive Vice President of Business Development at Value Place.
Between April 1, 2010 and July 1, 2013, the city grew by 15.1%, according to the University of Virginia's Weldon Cooper Center for Public Service. Fredericksburg's location between Richmond and Washington, DC means it is an attractive base for commuters to either or both cities. It also means extended-stay hotel traffic is higher than average.
The new four-story, 124-room hotel is managed by Sandpiper Property Management, LLC.
Value Place is expanding across the US through corporate- and franchise-owned development. It plans to acquire land to build corporate and franchised properties in Miami, Philadelphia, Fort Lauderdale, Boston, Atlanta, Chicago, Minneapolis, Los Angeles, Seattle, and Portland.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
