WICHITA, Kan., March 20 /PRNewswire/ -- 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 Liberty's plan to build more than 100 Value
Place extended-stay properties ( http://www.valueplace.com ) 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
Value Place, based in Wichita, Kan., is already one of the nation's
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.
"We're proud of our team and pleased to have added Goldman Sachs'
financial support to our expertise as a developer," says Mike Mikkelson,
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 Liberty's Web
site at http://www.libertyprop.com .
SOURCE Value Place