WICHITA, Kan., Oct. 10 /PRNewswire/ -- CC Development Group, of Columbia, S.C., recently signed an agreement with Value Place to build three hotel- apartment properties in the Columbia area. Value Place ( http://www.myvalueplace.com ) was recently launched by lodging industry visionary Jack DeBoer. DeBoer also founded Residence Inn, Summerfield Suites and Candlewood Suites. Value Place is a hotel and apartment hybrid, offering affordable weekly rates. "We chose Value Place because we see a strong demand in Columbia for exactly what the brand offers -- affordable, clean, safe lodging," says John Cattano, CC Development's managing partner. "We're proud that Value Place will be part of the Columbia community," says Value Place Franchise Services President Gina-Lynne Scharoun, "and pleased that John has chosen to partner with us." The first property is at 931 Spears Creek Court, in Elgin, S.C., a northeast Columbia suburb. It's near the intersection of Spears Creek Church Road and Interstate 20. It's also about seven miles from the U.S. Army base, Fort Jackson. Construction start is planned for late fall. Weekly rates for the 121-unit property will start at $179. The other properties will be on the south and west sides of the city. CC Development's partners also include Dave Brock, Bob Jolly and Tidal "Ty" McCoy. This is the company's first real estate development. However, Jolly has more than 30 years' experience in real estate. McCoy is a former acting secretary of the U.S. Air Force. Value Place plans to be the national low-cost provider of cleaner, safer apartment-style lodging. Headquarters are in Wichita, Kan. One property is already open in Myrtle Beach, S.C. Eight others are open in Bentonville, Ark., Kansas City, Mo., Lincoln, Neb., Lubbock, Texas, Oklahoma City and Wichita. Ten more are under construction. In all, the company has more than 175 franchise commitments in 23 states. Franchisees -- hotel owners, real estate and apartment developers and others -- can benefit from the brand's investment potential and operating efficiencies. Value Place offers lower start-up and operating costs, which yield greater potential revenue per square foot compared to traditional rental properties. For residents, Value Place offers simple, but high quality accommodations. Residents are business owners, contractors and others, including those who need short-term housing. Founder DeBoer -- in addition to inventing the extended-stay concept and founding three successful hotel brands -- developed more than 16,000 apartments in the 1970s. DeBoer considers Value Place his best real estate investment yet. It's his first venture in the economy-lodging segment -- one he feels is lacking in suitable, affordable accommodations.
SOURCE Value Place