News and Press

VALUE PLACE SEEKS LAND TO DEVELOP SIX CLEVELAND-AREA PROPERTIES

Aug 22, 2013

 VALUE PLACE SEEKS LAND TO DEVELOP SIX CLEVELAND-AREA PROPERTIES

Brand continues rapid expansion across the U.S.

 

CLEVELAND, Aug. 22, 2013 – Cleveland’s metro area is the latest region to be the focus of Value Place’s continuing rapid expansion across the U.S. In addition to the three existing corporate properties in Mentor, Akron-Green, and Avon, Ohio, Value Place has plans to develop six new corporate properties in the Cleveland metro area over the next two years. The Wichita, Kan.-based extended-stay hotel brand was founded by renowned hotelier Jack DeBoer, creator of Residence Inn, Summerfield Suites, and Candlewood Suites. Construction on the first 124 unit property is planned for January 2014. The company is working with Cleveland-based brokers Greg Slyman and Jason Jarchow of Kelly & Visconsi Associates LLC to explore possible sites and talk with landowners, brokers and commercial real estate firms (gslyman@kelly-visconsi.com and 216.269.5175 or jjarchow@kelly-visconsi.com and 773.632.6349).

The company plans to grow aggressively within the Cleveland area and can close immediately on potential sites once a building permit is ready. Local companies will be hired for construction and communities will benefit from incremental tax revenue and from guest spending on food, entertainment, business supplies, fuel and other necessities.

 “Value Place’s operating model enables us to grow in any economic environment,” says David Redfern, President of Value Place Development LLC. “Further expansion in the Cleveland market has the potential for consistently higher-than-average occupancy, as we offer a previously underserved demographic of guests Value Place’s clean, safe, simple, and affordable accommodations.”

 Value Place has developed strict guidelines for sourcing real estate. Two-acre sites that meet its requirements for all the following will be considered:

         Frontage to highways or thoroughfares with daily traffic of more than 50,000, including local and out-of-town traffic.

         A strong mix of non-retail employers with more than 150 local employees.

         Households or apartments within the one, two and five-mile area.

Value Place plans to acquire land and build corporate-owned hotels in other metro markets, including Atlanta, Boston, Denver and southeast Florida over the next three years. Interested landowners in these areas may contact Value Place Development at realestate@valueplace.com.

About Value Place

Founded in 2002, Value Place is the largest economy extended-stay lodging brand in the U.S. Featuring remarkably affordable weekly rates, rigorous cleanliness standards and secure temporary lodging, the brand delivers an unparalleled commitment to the comfort, privacy and peace of mind of each guest. Value Place currently has

184 locations open in 32 states, providing extended stay accommodations that are clean, safe, simple, and affordable. For more information, contact Value Place at (316) 631-1370 or visit ValuePlace.com. For franchise opportunity information call (316) 630-5519.

 

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