Value Place seeks land to develop nine new Denver area extended stay hotels
WICHITA, Kan., July 10, 2013 /PRNewswire/ -- Continuing a trend of rapid expansion across the U.S., Value Place plans to develop nine new extended stay corporate properties in the Denver area, with construction to start in early 2014. The company is working with Denver-based broker Steve Markey of David, Hicks & Lampert to explore possible sites and talk with landowners, brokers and commercial real estate firms (email@example.com or 303.694.6082).
Value Place plans to invest more than $63 million to build nine hotels, including about $13 million for land acquisition. The company can close immediately once a building permit is issued. Local firms will be hired for construction and communities will benefit from incremental tax revenue and guest spending in the area.
Founded by extended stay entrepreneur Jack DeBoer, 184 Value Place hotels are operating in 32 states, including four in Colorado. All feature the same strict standards set by the brand and operate under stringent quality assurance guidelines.
"While many other hotel companies have stopped building new hotels, we are doing exactly the opposite," says Value Place president of real estate development David Redfern. "We don't go into a market and reflag an older hotel, or upgrade and rebrand it. We build every Value Place from the ground up, to very exacting standards. Each Value Place offers clean, safe and comfortable accommodations for business travelers and others who need temporary lodging."
Typically, Value Place hotels are built near highways, freeways or major intersections. The company will consider sites that meet these requirements:
- Frontage to highways or thoroughfares with daily traffic of more than 50,000, including local and out-of-town traffic.
- A strong mix and dispersion of non-retail employers with more than 150 local employees.
- A one-mile population of at least 5,000 and a five-mile population of at least 100,000.
Value Place also plans to acquire land and build corporate-owned hotels in other metro markets over the next three years, including Atlanta, Boston, Cleveland, Miami and southeast Florida. Interested landowners in these areas may contact Value Place real estate development at firstname.lastname@example.org.
About Value Place
Value Place is the largest economy extended-stay lodging brand in the U.S. Featuring remarkably affordable weekly rates, rigorous cleanliness standards, and secure temporary lodging, Value Place delivers an unparalleled commitment to the comfort, privacy and peace of mind of each guest.
SOURCE Value Place