Franchisor as Franchisee: Value Place Franchise Services President Developing Tulsa, Okla., Hotel-Apartment Property

Apr 21, 2005, 01:00 ET from Value Place

    WICHITA, Kan., April 21 /PRNewswire/ -- When you really believe in the
 product you are selling, says Value Place Franchise Services President
 Gina-Lynne Scharoun, it just makes sense to buy one yourself. In Scharoun's
 case, this is no small step, however.  Why?  The product isn't a household
 appliance, a new computer, or even a new car.
     It's a hotel.
     Construction begins today for Scharoun's Value Place hotel-apartment
 property in Tulsa, Okla. Scharoun and her husband, Robert, are majority
 shareholders in Valued Partners. Valued Partners is a new company formed with
 a small group of investors to develop the property.
     "It just seemed logical to become a franchisee myself," says Scharoun. "I
 believe that strongly in Value Place as a smart investment."
     Value Place ( ) -- a unique "short-term
 residential" concept -- was launched in 2003 by industry visionary Jack
 DeBoer. DeBoer also founded Residence Inn, Summerfield Suites and Candlewood
 Suites. DeBoer and Scharoun are long-time associates.
     "Jack has always been a rule-breaker -- and extremely knowledgeable
 regarding real estate. That's why his projects are so successful," says
 Scharoun, managing partner of the company. Robert Scharoun is president. He is
 overseeing the project, including the financing, construction and future
 operations when the property opens in October.
     Weekly rates for the 121-unit property begin at $159. It is centrally
 located at 3415 S. Sheridan Road, at the intersection of Sheridan Road and
 Broken Arrow Expressway. The location also is within a half mile of Interstate
 44, offering easy and quick access to both of Tulsa's major east and west
 highways. The property is about five miles from downtown, The University of
 Tulsa, and Tulsa International Airport.  Also, the Tulsa State fairgrounds and
 Expo Square are only two miles from this future Value Place.
     Value Place is a hotel and apartment hybrid that benefits franchisees and
 residents. Franchisees enjoy lower start-up and operating costs, which yield
 greater potential revenue per square foot compared to traditional rental
 properties. Residents include business owners, contractors and others who need
 short-term housing. Value Place provides cleaner, safer and lower-cost
 accommodations for weekly or longer stays.
     Value Place has headquarters in Wichita. Three company-owned properties
 are open there and in Oklahoma City. More than 45 others are under
 development. Potential franchisees include hotel owners, real estate and
 apartment developers, as well as general investors.
     Company founder DeBoer -- in addition to inventing the extended-stay hotel
 concept and founding three successful brands -- developed more than 16,000
 apartments in the 1970s. At that time, he was the nation's second largest
 apartment developer.

SOURCE Value Place