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 ( http://www.myvalueplace.com ) -- 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