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 economy lodging." 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, Liberty president. 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