WICHITA, KS—Value Place, the extended-stay hotel chain, recently appointed Stuart Becker as its new executive vice president and chief financial officer, another chapter in its effort to bring new talent to its leadership team and expand throughout the US. As reported in GlobeSt.com, the new team includes a chief executive officer, chief operating officer, marketing head and a branding expert. And just this year the company has opened new hotels in Ohio, Virginia, North Dakota and many other states.
Becker, who officially joined the company on October 13, will oversee the company's finance and accounting functions and provide financial management, planning, and operations for each of the brand's departments, including property management, real estate and franchise development, construction, and franchise and legal services. He also has past experience with lenders and private equity sources and will help identify additional financing to support the continued development of new Value Place properties.
The national expansion has boosted the company's bottom line. In the second quarter, for example, its system-wide revenue increased 10.6% over the same period last year to $55 million. Furthermore, the privately-held company saw an 11.5% same-property RevPAW increase. The company has not released third quarter results, but a spokesperson told GlobeSt.com that it will publish the data shortly.
“We are delighted that Stuart Becker is joining our team,” says Bruce Haase, chief executive officer. “Stu's experience in the real estate investment and development sectors, coupled with his powerful track record leading successful brands as CFO, makes him the clear choice to help Value Place create additional value and grow the brand nationally. We look forward to Stu using his expertise to further define and communicate our strong value proposition.”
Becker brings with him four years of experience serving as a chief financial officer at Summit Hotel Properties Inc., a publicly traded hotel real estate investment trust. He has 30 years of expertise in finance and private equity. Before his tenure at Summit, Becker spent three years as partner and chief financial officer of Summit Green Tiger, LLC, a privately-held investment company.
“There is no better opportunity to join Value Place and its leadership team than at this point in its development,” says Becker. “Value Place is a brand with tremendous proven capabilities, talented people, and a market leadership position in this fast-growing segment of the hotel industry. I see a great opportunity to continue building on the company's success as the largest brand in the economy, extended-stay segment.”
The company now has nearly 190 hotels open in 32 states. It owns 80 of the properties and provides management services for both company- and franchise-owned locations.
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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.
