WICHITA, Kan., June 20 /PRNewswire/ -- Miles Properties and Springfield Value Partners recently signed separate agreements with Value Place to build its hotel-apartment properties. The properties will be in the Des Moines, Iowa, and Springfield, Mo., metro areas. Value Place ( http://www.myvalueplace.com ) was launched in 2003 by lodging industry visionary Jack DeBoer. DeBoer also founded Residence Inn, Summerfield Suites and Candlewood Suites. "The Midwest is a tremendous market for us, and we're pleased to add these key cities," says Gina-Lynne Scharoun, president of Value Place Franchise Services. Miles Properties, of Des Moines, will own and manage three properties in the Des Moines area. The initial Value Place is located in Pleasant Hill, Iowa, at the intersection of Highway 65 and Highway 163. This 121-unit property will be just five miles from Des Moines. Construction is planned to begin this fall. Springfield Value Partners, of Overland Park, Kan., will own and manage two properties in the Springfield area. Construction for the 105-unit properties is planned to begin this winter. Value Place is a hotel and apartment hybrid based in Wichita, Kan. The company plans to be the national low-cost provider of safer, cleaner, apartment-style lodging and offers weekly and longer stays. Three properties are open in Wichita and in Oklahoma City. Fourteen more are under construction. More than 47 others are under development. 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 than traditional hotels. Residents include business owners, contractors and others who need temporary lodging for job assignments, or individuals who need short-term housing. Company founder DeBoer -- in addition to inventing the extended-stay hotel concept and founding three successful hotel brands -- developed more than 16,000 apartments. DeBoer considers Value Place his best real estate investment yet. It is his first venture in the economy-lodging segment -- one he feels is lacking in suitable, affordable accommodations.
SOURCE Value Place