Value Place and Dinosaur Capital Partners Seek Land to Develop 12 Boston-Area Hotels
Sep 09, 2013
Brand continues rapid expansion across the U.S.
BOSTON, Sept. 9, 2013—Value Place, the largest economy extended-stay hospitality brand, and Dinosaur Capital Partners, the Boston-based development and investment firm, plan to develop 12 new corporate hotels in the Boston area over the next two years. Boston is Value Place’s latest focus in its continuing rapid expansion across the U.S. The Wichita, Kan.-based extended-stay hotel-apartment hybrid was founded by renowned hotelier Jack DeBoer, creator of Residence Inn®, Summerfield Suites®, and Candlewood Suites®.
Value Place has teamed with Dinosaur Capital Partners to identify, acquire, and develop suitable locations, with construction of the company’s first Boston-area 124-unit property slated to begin in the first quarter of 2014. Value Place plans to grow aggressively within the Boston area and will close immediately on sites when a building permit is ready.
“Our unique operating model enables us to grow with consistently higher-than-average occupancy in any economic environment,” says David Redfern, president of Value Place Development LLC. “The Boston market offers ample opportunity for us to expand our customer base by accommodating a previously underserved demographic of guests in need of clean, safe, simple, and affordable extended-stay hotels.”
“Value Place is the right hotel product for the Boston area today, targeting budget-conscious entrepreneurs, employers, and leisure travelers,” adds Scott Oran, managing partner of Dinosaur Capital Partners LLC.
Value Place seeks two-acre, 124-unit suburban sites with parking for 125 vehicles. Urban and infill sites also work with the hotel’s prototypical four-story, 45,000-square-foot building on just 12,000 square feet. Successful sites usually have:
Frontage on highways or thoroughfares with daily traffic of more than 50,000 vehicles
A strong mix of nearby non-retail employers with more than 150 employees
A substantial number of households or apartments nearby
“Once appropriate sites are identified, landowners will appreciate Value Place’s no-nonsense approach to closing quickly,” says Mark Dufton, managing partner of Dinosaur Capital Partners LLC. “We’re going to buy 12 sites in the next 24 months.”
Initially, Dinosaur and Value Place are focusing on locations in and around Boston but within Route 495. Landowners and brokers should contact Bob Maloney (firstname.lastname@example.org@dinosaurcamp.com or 617.893.9351), Mark Dufton (mailto:email@example.com”>firstname.lastname@example.org or 617.422.6224) or Scott Oran (mailto:email@example.com”>firstname.lastname@example.org or 617.422.6584) at Dinosaur with potential Boston area sites.
Value Place plans to acquire land and build corporate-owned hotels in other metro markets, including Atlanta, Cleveland, Denver, and southeast Florida over the next three years. Interested landowners in these areas may contact Value Place Development at email@example.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.
About Dinosaur Capital Partners
Founded in 2009 by industry veterans Scott Oran and Mark Dufton, Dinosaur Capital Partners acquires and develops real estate and advises clients … the old-fashioned way. Dinosaur focuses on value-added and opportunistic real estate investments and development opportunities in the greater Boston area. For more information, please contact Mark Dufton (firstname.lastname@example.org and 617.422.6224) or Scott Oran (email@example.com and 617.422.6584) or go to www.dinosaurcap.com.