Value Place Hotel-Apartment Concept Expands to Florida

Properties Offer Affordable Weekly Rates, Cleaner, Safer Rooms

May 11, 2005, 01:00 ET from Value Place

    WICHITA, Kan., May 11 /PRNewswire/ -- Liberty Investment Properties of
 Altamonte Springs, Fla., recently signed an agreement with Value Place to
 build its hotel-apartment properties throughout Florida.
     The first three properties in a 26-property agreement will be in Orlando,
 Fla. and near Clermont, Fla.  Liberty also plans to build Value Place
 hotel-apartments in the Florida communities of Daytona Beach, Fort Walton
 Beach, Melbourne, Ocala, Panama City, the Sarasota-Bradenton area,
 Tallahassee, and Tampa.
     Value Place ( ) was recently launched by
 lodging industry visionary Jack DeBoer.  DeBoer also founded Residence Inn,
 Summerfield Suites and Candlewood Suites.
     This is Liberty's first hospitality investment.  The company has
 30 self-storage properties, many in joint venture with industry leader
 Shurgard Storage Centers.
     "This may be a new industry for us, but it's not a new experience," says
 Mike Mikkelson, president of Liberty.  "The transition to Value Place was easy
 because its operations are very similar to a self-storage facility."
     The first property is near Clermont, on State Road 50, near U.S. Highway
 27 and Florida's Turnpike.  It is a 25-minute drive west of Orlando.
 Construction start is planned for July.
     The second property is in north Orlando, at the intersection of U.S.
 Highway 441 and Clarcona Ocoee Road.  Construction start is planned for fall.
     The third location is planned for south Orlando, on State Road 423 (John
 Young Parkway), south of State Road 528 (Bee Line Expressway).  Construction
 start is scheduled for fall.
     Value Place is a hotel and apartment hybrid, offering affordable weekly
 rates.  The company plans to be the national low-cost provider of safer,
 cleaner, apartment-style lodging.  Three properties are open in Wichita, Kan.,
 and in Oklahoma City.  Thirteen more are under construction.  More than
 48 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, which
 yield greater potential revenue per square foot compared to traditional rental
     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