Liberty Lodging Closes $360 Million Value Place Development Financing Facility with Goldman Sachs
WICHITA, Kan., March 15, 2007– Liberty Lodging LLC subsidiary of Liberty Investment Properties, a Value Place hotel franchisee based in Orlando, Fla. has closed a debt financing facility of up to $360 million with Goldman Sachs.
The financing supports Libertys plan to build more than 100 Value Place extended-stay properties in Boston, central Florida, Denver, Indianapolis, Montgomery, Ala., Providence, R.I., Salt Lake City and Springfield, Mass. Liberty has launched an aggressive recruiting and site acquisition program in support of its plans to develop about 30 properties per year over the next three to four years.
The Goldman Sachs facility confirms our confidence in the Liberty team and this growth brings us a step closer to building Value Place as a national brand, says Gina-Lynne Scharoun, Value Place Franchise Services president. Value Place is a unique investment opportunity that addresses an unmet need among business travelers and others seeking cleaner, safer economy lodging.
Value Place, based in Wichita, Kan., is already one of the nations fastest growing hotel brands. It now has nearly 560 franchise commitments nationwide for its extended stay brand. Value Place offers cleaner, safer, simpler, affordable lodging for weekly or longer stays, with weekly rates starting at $169.
Jack DeBoer founded Value Place and is credited with inventing the extended stay hotel concept. He also founded Residence Inn, Summerfield Suites and Candlewood Suites. More than 40 Value Place extended-stay properties are now open in Alabama, Arkansas, Florida, Georgia, Iowa, Kansas, Louisiana, Missouri, Nebraska, North Carolina, Oklahoma, South Carolina, Tennessee and Texas. In addition to the 100 properties planned by Liberty Lodging, about 40 more of the extended stay properties will be under construction within the next 90 days. Liberty plans to open its first Value Place extended-stay property in Orlando in early 2007.
Were proud of our team and pleased to have added Goldman Sachs financial support to our expertise as a developer, says Mike Mikkelson, Liberty president.
About Value Place
Value Place is one of the fastest growing brands in the hospitality industry, soon to be represented in 36 states. The hotel chain specializes in providing a lower cost, cleaner, safer and simpler extended stay lodging alternative for Americas growing number of small business travelers and professional consultants, as well as for families who are moving to new communities. More information on Value Place is available at ValuePlace.com
About Liberty Investment Properties
Liberty Investment Properties Inc. has specialized in commercial real estate and income property development throughout the U.S. for more than 15 years. For more information, call (407) 774-8818, or log onto Libertys Web site.