Value Place Sets Record Development Pace

Extended stay hotel brand celebrates 100th property opening in just four


Jul 16, 2008, 01:00 ET from Value Place

    WICHITA, Kan., July 16 /PRNewswire/ -- It's a developer's dream: 100
 new hotels built in just four years. For Value Place, this dream is a
 reality. The national extended stay hotel chain announced today the opening
 of its 100th property in Columbus, Ga. This milestone puts the company on
 track to be one of the fastest-growing brands in the history of
 hospitality. Value Place anticipates opening an additional 40 hotels by the
 end of the year.
     "Opening 100 newly constructed properties is a landmark event for our
 company and franchisees," said Greg Kossover, Value Place chief executive
 officer. "It truly illustrates the strength of the Value Place brand. We
 could not have attained this milestone without the dedication of our
 guests, employees and franchisees or the support of the communities we call
 home. We look forward to celebrating this achievement and many more to
 come," Kossover said.
     Value Place's rapid growth has occurred in just after four years of
 franchising, and the company doesn't plan to slow down development any time
 soon. Value Place now has properties open in 23 states, and nearly 100 new
 projects will be under construction through mid-2009. Along with its 46
 franchise groups, Value Place plans to add 100 hotels every year for the
 next decade.
     "There is a tremendous need for our product -- a remarkably affordable,
 ultra-clean, secure and simple extended stay hotel -- and this can be seen
 in our higher-than-average occupancy rates," Kossover said. "With the
 slowing economy and rising gas prices, we offer exactly what
 budget-conscious travelers are looking for. Consumer demand will continue
 to drive our national development strategy," he said.
     Company founder Jack DeBoer, company executives and invited guests will
 commemorate the 100th property opening during a victory celebration on July
 24, 2008, at the Value Place in Columbus, Ga., located at 1801 Victory
 Drive. During this event, the company will announce the $50K Refer-A-Stay
 Giveaway that gives participants the chance to win monthly prizes and a
 grand prize of $50,000. For event details, contact Shay Stegmaier at
     About Value Place
     Value Place is an extended stay hotel chain founded by Jack DeBoer to
 provide remarkably affordable, ultra-clean and secure extended stay lodging
 for independent business owners, professional consultants, families and
 individuals who are on the move to a new job assignment or relocating to a
 new community. Now, with 100 hotels operating in more than 20 states and
 expanding nationally, the Value Place brand is the creation of the
 management team that developed Residence Inn (now owned by Marriott),
 Summerfield Suites (a Hyatt chain) and Candlewood Suites (an
 Intercontinental company) and is headquartered in Wichita, Kan. To find out
 more about Value Place or to make a reservation, visit or
 call 800-ValuePlace.

SOURCE Value Place