Value Place Hotel-Apartment Concept Expands to Arizona

Planned 'Short-Term Residential' Properties to Offer Cleaner, Low-Cost Lodging

Dec 15, 2005, 00:00 ET from Value Place

    WICHITA, Kan., Dec. 15 /PRNewswire/ -- Kanmo Partners of Salina, Kan., has
 signed an agreement with Value Place to build four hotel-apartment properties
 in the Tucson, Ariz., area. This is the group's first investment in the
 hospitality industry.
     "We're pleased that Kanmo recognized Value Place as a smart real estate
 investment," says Gina-Lynne Scharoun, president of Value Place Franchise
 Services ( ). "As first-time lodging investors,
 they found our simple operations model very appealing."
     Value Place is a short-term residential hotel-apartment hybrid that offers
 stays of a week or longer to residents. It is the only national brand offering
 low-cost, cleaner and safer apartment-style lodging. Lodging industry
 visionary Jack DeBoer founded the company in 2003.
     The group's first property is located in south Tucson, near the
 intersection of Ajo Way and Interstate 10. It is near the Veterans Affairs
 Medical Center. Construction start is planned for late spring 2006. Weekly
 rates for the 121-unit property will start at $179.
     Value Place headquarters are in Wichita, Kan. A total of twelve properties
 are open in Bentonville, Ark., Kansas City, Mo., Lincoln, Neb., Lubbock,
 Texas, Myrtle Beach, S.C., Oklahoma City and Tulsa, Okla., Omaha, Neb., and
 Wichita. Eight more are under construction.
     In just more than one year of offering franchises, the company has already
 signed more than 220 franchise commitments. Value Place properties are set to
 open or be under construction in more than 23 states within two years.
     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
 affords the opportunity for greater potential revenue per square foot compared
 to traditional rental properties.
     For residents, Value Place offers simple, yet high quality accommodations.
 Residents are business owners, contractors and others, including those who
 need short-term housing.
     Founder DeBoer invented the extended-stay concept and founded three
 successful hotel brands. He was also the second largest apartment developer in
 the U.S. during the 1970s. He considers Value Place his best real estate
 investment yet. It is DeBoer's first venture in the economy-lodging segment --
 one he feels is lacking in suitable, affordable accommodations.

SOURCE Value Place