WICHITA—Most people would expect that at age 83, Jack DeBoer, who has already founded a series of well-known hospitality brands, would decide to enjoy a well-earned retirement. But DeBoer, the founder of Residence Inn, Summerfield Suites, Candlewood Hotel Group, and Value Place, has decided to start his fifth national brand. Called WaterWalk Apartments, these new developments, which the new Wichita-based company plans to launch in markets across the nation, will combine aspects of apartment living with those of extended-stay hotels.
“At its heart, we have reverse engineered both the extended-stay hotel and apartment industries, taking the best from each, while eliminating their respective limitations, inflexibilities, and inconveniences,” says DeBoer, chairman and chief executive officer.
WaterWalk has already opened a site in Wichita, and all the apartments were occupied without any form of discounting, company officials say. They will open a second building on November 1, 2014 and tenants have already pre-leased or reserved 15 units. Investors have already claimed franchises and sites in St. Louis, Charlotte, Indianapolis, Houston, Atlanta, and Louisville, among other cities.
David Redfern, the former president of Wichita-based Value Place, will lead the expansion efforts. GlobeSt.com will present an interview with him later this week.
“Apartments are still being built and managed the same way they were more than 50 years ago, without any recognition of today's mobile workforce and changing consumer lifestyles,” DeBoer adds. “Tenants are typically forced to sign one-year leases. At the same time, prospective tenants have to make appointments to tour a rental during limited hours, put down hefty security deposits, and are even charged a fee simply to apply. Then, they have to make their own arrangements for cable, internet and every utility, and pay for them separately. None of that is consumer friendly, so we did away with it all.”
WaterWalk combines apartments and hotel services into a gated community with a two-building, 116,000-square-foot, $11.5 million development. Guests can choose fully-furnished one-, two-, and three-bedroom that also offer hotel-like amenities and services. These can include gym membership, concierge services, free in-room breakfast, housekeeping, and no-cost parking, among other services.
“The option for short stays is a fundamental difference that sets the brand apart in both the residential and corporate apartment sectors,” says Mark Skinner of the Highland Group. “For example, most corporate apartments in the US require a minimum stay of 30 nights or more. So anyone on a business trip for less than a month cannot go into a typical corporate apartment. They are limited to either a regular or extended-stay hotel.”
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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.
