Value Place Announces Sustained Growth and Expansion into New Markets
May 27, 2008
WICHITA, Kan., May 27, 2008 – Value Place announces it recently opened its 90th location and plans to open its 100th property this summer. The new opening puts the company on pace to have 150 hotels operating at the end of this year. This steady growth has occurred in only four years of franchising and fewer than five years since opening the first property in October 2003. This exceptional growth positions Value Place as one of the nation’s fastest-growing hotel chains.
The sustained growth and success can be attributed to the relentless priority of offering a remarkably affordable extended stay hotel option that fulfills a need for a variety of guests, while striving to maintain the cleanest, most secure, simplest and most consistent environment in every Value Place hotel. The hotel chain also credits its success to the 42 franchise groups that have committed to build nearly 700 hotels over the next five years.
“Our first quarter performance continued to deliver record results; the company is stable and growing,” said Greg Kossover, Chief Executive Officer of Value Place. “On April 30, 2008 we had over 7,700 guests checked-in at Value Places across the United States. Occupancy of existing properties has increased year-over-year for nine consecutive months. Revenue per room night also continues to improve over last year. These results are impressive for a developing national brand,” Kossover added.
“We are always looking for qualified franchisees to join our System. Value Place has already proven itself to be a concept that works for bankers and franchisees in good as well as challenging economic times, In today’s economy with investors looking for value-oriented real estate opportunities, Value Place offers an exceptional opportunity,” said Gina-Lynne Scharoun, President of Value Place Franchise Services, LLC.
Value Place currently has nearly 100 active construction projects that include expansions into Massachusetts, Rhode Island, Connecticut, Pennsylvania, Maryland, Washington, DC, Virginia, Ohio, Illinois, Wisconsin, Arizona, California, Idaho, Oregon and Washington. For information on becoming a licensee call 888-456-VPFS (8737).
About Value Place Value Place is an extended stay hotel chain founded by Jack DeBoer in 2004 to provide remarkably affordable, ultra clean and secure extended stay lodging for independent business owners, professional consultants, families and individuals who are on the move to a new job assignment or relocating to a new community. Now with nearly 100 hotels operating in over 20 states and expanding nationally, the Value Place Brand is the creation of the management team that developed Residence Inn (now owned by Marriott), Summerfield Suites (a part of the Hyatt hotel chain), and Candlewood Suites (an Intercontinental hotel chain company) and is headquartered in Wichita, Kan. To find out more about Value Place or to make a reservation, visit us at ValuePlace.com or call 800-ValuePlace.