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 ( http://www.myvalueplace.com ) 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 properties. 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