Extended-Stay Property Slated For Lake Charles, La.
- May 15, 2013
Lake Charles, La.—Ground has been broken on a new Value Place extended-stay property in Lake Charles, La.
The new property represents the sixth Louisiana location for the 10-year-old, 181-unit economy extended-stay lodging chain, which has locations in 32 states and is the nation‘s largest economy extended-stay lodging brand.
The four-story, 124-room structure features the brand’s new “Value Place 2.0” design standard, which incorporates more than 30 cost-efficiency and customer-appeal enhancements. It is scheduled for completion in October of this year.
This is the second Value Place property to be built in the southwestern corner of Louisiana, an area witnessing swift economic expansion.
“The strong economic growth both from the planned LNG, or liquefied natural gas, plants and the development of a new 700-room luxury casino has made the southwestern Louisiana region an extremely high-growth area of the country,” Dan Weber, CEO of Wichita-based Value Place, tells MHN.
The Lake Charles Value Place will serve those facing temporary work relocations, families in the process of becoming permanent community residents, and other individuals who are seeking cost-effective long-term lodging.
The “Value Place 2.0 design” standards that will be incorporated in Lake Charles and other new Value Place locations feature enhancements such as more energy-efficient appliances and lighting, ceramic cooktops, luxury vinyl tile flooring and other upgrades. The benefits of the new standard are attractive room features for guests, and convenience and efficiency for operators.
Value Place also offers a number of other amenities that include full kitchens, flat-screen TVs, on-site laundry facilities, Wi-Fi and other features, Weber says.
The extended-stay lodging market attracted more than $1 billion in new investment last year. Value Place is part of that market’s economy segment, which alone drew more than $800 million in new investment.
That figure included a $100 million capital investment in Value Place by private equity firm Lindsay Goldberg LLC. All numbers are from Highland Group’s 2013 Extended-Stay Lodging Market Report, which forecast a further increase in industry construction, especially in the economy segment of the market, which the report termed “underserved.”
“The new Value Place, with its upgraded amenities and features, will allow visitors and individuals transitioning to the Lake Charles area an opportunity for long-term lodging accommodations with all the modern comforts of home at an extremely affordable price point,” Weber says.
Since opening the first Value Place property in 2003, 50 franchise groups have committed to construct more than 300 Value Place properties by 2015.