Quanah Unveils the Most Ambitious Plan in Hospitality
Dallas, Texas, August 2007– Quanah Hospitality Partners, LP has announced the details of expansion plans for the Value Place brand, centering around an ambitious vision to develop 150-200 Value Place property locations within a short five-year timeframe. This equates to the addition of approximately 20,000 beds, an industry leading annual pace.
Value Place currently touts 52 open properties, with plans to develop at least 500 more hotels over the next five years. Quanah will be a major contributor to Value Place’s aggressive expansion plans, and will be a driving force in creating one of the Top 20 largest hotel brands in the United States.
Quanah has been successfully securing the necessary capital to fuel this unprecedented expansion effort. Most recently it completed a $100 million transaction with NorthStar Realty Finance Corp., a publicly traded REIT. Additional milestones are expected to be reported within the coming 30-60 days.
Value Place is the fastest growing brand in hospitality and the leader in the growing extended stay hotel segment. Quanah is one of Value Place’s largest franchisees and is developing hotels throughout the United States.
“The Value Place concept is ripe for rapid expansion. Our team has collectively built over 15,000 projects, so we fully understand what it takes to make this vision a reality,” commented Gary L. Webb, CEO of Quanah Hospitality Partners, LP. “As franchise developers, we are also fully aligned with the values and vision of the Value Place ownership and are leveraging all the support they can provide,” he added.
As of July 2007, Quanah has opened hotels in Fort Worth, TX and Albuquerque, NM and under construction in Fort Worth, TX; Rockwall, TX; Trophy Club, TX; and Jacksonville, FL. Additionally, projects under contract include Fort Worth, TX; Dallas, TX; Benbrook, TX; Forest Hill, TX; Irving, TX; Mesquite, TX; Albuquerque, NM; Jacksonville, FL; Palm Springs, CA; Moreno Valley, CA; Loma Linda, CA; Victorville, CA; Perris, CA; and Wildomar, CA.
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 America’s 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 Quanah Hospitality Partners, LP
Led by a management team with more than 150 years of combined experience in real estate development and construction, Dallas-based Quanah Hospitality Partners, LP and its subsidiaries build and manage proven hospitality ventures that add lasting value to the community. Formed in 2004, Quanah entered into an exclusive agreement with Value Place Franchising Services, LLC to develop extended-stay hotels to communities in Texas, New Mexico, California and Florida.