Value Place Hotel-Apartment Concept Expands to Des Moines, Iowa, Springfield, Mo., Metro Areas

Jun 20, 2005, 01:00 ET from Value Place

    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 ( ) 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
     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
     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