Value Place Franchisees Plan 86 More 'Short-Term Residential Properties' in Seven States
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 ( http://www.myvalueplace.com ) 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
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