Value Place Franchisees Plan 86 More 'Short-Term Residential Properties' in Seven States

Jul 25, 2005, 01:00 ET from Value Place

    WICHITA, Kan., July 25 /PRNewswire/ -- Four Kansas holding companies have
 signed separate agreements with Value Place to build 86 properties in the
 Midwest and South. These properties are in addition to 50 Value Place
 properties planned for these regions.
     Value Place, a "Short-Term Residential Property," is a hotel-apartment
 hybrid offering affordable stays for a week or longer. It plans to be the
 national low-cost provider of safer, cleaner, apartment-style lodging.
 Lodging industry visionary Jack DeBoer launched Value Place
 ( ) in 2003.
     "We're pleased to continue growing in these important regions," says Gina-
 Lynne Scharoun, president of Value Place Franchise Services.
     The companies of Blue Water Holdings, New River Holdings, SunRidge
 Holdings and Vineyard Holdings are planning properties for Kansas, Louisiana,
 Nebraska, Nevada, Tennessee, Texas and Virginia. The specific agreements are:
     -- Blue Water will own and manage one property in Topeka, Kan.
     -- New River has added markets to an existing seven-property agreement. It
        will also now own and manage 30 properties in Las Vegas, Lincoln, Neb.,
        Norfolk, Va., and Richmond, Va. The first property in this agreement is
        under construction in Lincoln.  It will open in fall.
     -- SunRidge will own and manage 24 properties in Alexandria, La.; New
        Orleans; the North Carolina cities of Greensboro, Raleigh-Durham, and
        Winston-Salem; and the Tennessee cities of Knoxville and Nashville. The
        Alexandria property is under construction and will open in winter.
     -- Vineyard will own and manage 24 properties in Omaha, Neb., and the
        Texas cities of Austin, Killeen, San Antonio and Waco. The first Omaha
        property is under construction and will open in fall.
     Value Place offers franchisees lower start-up and operating costs than
 traditional hotels. Each property requires as few as four to 4.5 full-time
 equivalent employee positions. Residents include business owners, contractors
 and others who need temporary lodging or short-term housing.
     Value Place is based in Wichita, Kan. Seven properties are open in
 Bentonville, Ark., Lubbock, Texas, Myrtle Beach, S.C., Oklahoma City, and
 Wichita. Twelve more are under construction. In all, the company has more than
 175 franchise commitments.
     Company founder DeBoer invented the extended-stay hotel concept. He also
 founded Residence Inn, Summerfield Suites and Candlewood Suites and developed
 more than 16,000 apartments.

SOURCE Value Place