Value Place Announces Plans to Develop Nine New Extended-Stay Corporate Hotels in Denver
By Gabriel Circiog, Associate Editor
Value Place, an economy extended-stay lodging brand, has recently announced plans to continue its expansion across the U.S. with an initiative to develop nine new extended-stay corporate properties in the Denver area.
Working with Denver-based broker Steve Markey of David, Hicks & Lampert, the company is exploring possible sites and discussing the project with landowners, brokers and commercial real estate firms. The company is searching for properties that have frontage to highways or thoroughfares with daily traffic of over 50,000, including local and out-of-town traffic. Other requirements include a strong mix and dispersion of non-retail employers with over 150 local employees; and a one-mile population of at least 5,000 and a five-mile population of at least 100,000.
“While many other hotel companies have stopped building new hotels, we are doing exactly the opposite,” said 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.”
Founded by Jack DeBoer, Value Place currently operates 184 hotels in 32 states, including four in Colorado. Construction of the Denver area properties is expected to start in early 2014. Over the next three years the company plans to acquire land and build corporate-owned hotels in other metro markets as well, including Atlanta, Boston, Cleveland, Miami and southeast Florida.
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