Site Selection Services

Value Place chairman Jack DeBoer invented the extended-stay hotel concept, beginning with the first Residence Inn®. He applied his experience in building multiple brands to the Value Place real estate selection process.

Today, Value Place Real Estate Services applies a strategic model to researching every location considered for development. We work with brokers, lenders and communities on behalf of both the brand and franchisees to choose sites that will best position a new Value Place property for success.

Prototype Architectural Plans and Review

During the initial strategic planning process, the design requirement is to engineer as little non-revenue generating square footage as possible. This resulted in an efficient building footprint and lower operating costs. We didn't stop there. We have continued to study better ways to keep capital costs low and at the same time improve on the guest environment and experience at our properties. Here are examples of general cost categories based on recent construction bid information. See below for a cost-to-build guidelines spreadsheet you can include in your business opportunity review.

Summary

Value Place (VP 2.0) - Projected Construction

9/28/12

124 Unit
45,048 SF
CategoryBudgeted Cost$/Key$/SF
SITE WORK (Dirtwork, paving, sidewalk, etc)$277,170$2,235$6.15
BUILDING (w/general conditions)$3,120,800$25,168$69.28
Owner Adjustment (Bond & Insurance)$46,000$371$1.02
FF&E (Profillment furniture & Case goods)$261,968$2,113$5.82
FF&E (Owner coordinated phones, direct tv, signs, etc)$145,000$1,169$3.22
TOTAL$3,850,938$31,056$85.49

Construction Advisory Services

Value Place offers additional construction services to franchisees to help guide the process of development and ensure that everything is done on time and smoothly.

Construction Project Management

The construction team plans, directs and coordinates activities associated with the construction, repair, renovation and maintenance of company and franchised properties in accordance with company policies, sound construction principles, construction documents, building codes and governmental regulations.

Furniture, Fixtures,
and Equipment Supply Line Management

Our brand standards are reflected not only in the buildings and operations of the Value Place properties, but also in the furniture and products that fill the rooms. All materials must be brand-approved and adhere to the same rigid standards of operation, cleanliness and safety. We constantly evaluate the effectiveness of our in-room furniture and appliances and make regular updates to our product offering. We ensure that vendors will stock an appropriate supply of back up furniture, fixtures and appliances for properties to update as needed.

We have also developed a forecasting tool for our strategic partners and property management companies to forecast the needs of their properties. This allows our vendors to adjust their production levels based on our needs.