Value Place Plans to Develop Six Extended-Stay Hotels in Cleveland Area
By Adrian Maties, Associate Editor
Value Place, the largest economy extended-stay lodging brand in the nation, continues its rapid expansion across the United States and has now set its sights on Cleveland’s metro area. The Wichita, Kan.-based extended-stay hotel brand already has three corporate properties in Mentor, Akron-Green and Avon, and plans to develop six more in the area over the next two years.
Founded by renowned hotelier Jack DeBoer in 2002, Value Place is known for its policy: Customers pay for an entire week even if they stay just one night. Rates at the Avon, Green and Mentor hotels are between $199 and $260 per week.
Value Place is working with Cleveland-based brokers Greg Slyman and Jason Jarchow of Kelly & Visconsi Associates LLC to explore possible sites in the area. It expects to start construction on the first property in January 2014. The four-story building will be located at Emerald Corporate Park and will feature 124 rooms. According to Crain’s Cleveland, the construction of the first property will cost more than$6 million. Value Place will hire local construction companies for the six projects.
“Value Place’s operating model enables us to grow in any economic environment,” David Redfern, president of Value Place Development, said in a statement for the press. “Further expansion in the Cleveland market has the potential for consistently higher-than-average occupancy, as we offer a previously underserved demographic of guests with Value Place’s clean, safe, simple and affordable accommodations.”
Value Place currently has 184 locations open in 32 states. Over the next three years, the company plans to buy land and build corporate-owned hotels in other areas, including Atlanta, Boston, Denver and southeast Florida.
Photo credits: Value PlaceTags: Cleveland, Cleveland Lead Story, Commercial, commercial real estate, construction, Developers, Development, Hospitality, Hotel, Latest Headlines, Local, National, Regional, Value Place