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
"We're pleased that Kanmo recognized Value Place as a smart real estate
investment," says Gina-Lynne Scharoun, president of Value Place Franchise
Services ( http://www.myvalueplace.com ). "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