Value Place Sets Record Development Pace

Wed Jul 16, 2008 10:41am EDT

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

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 316-630-5539.
    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 ValuePlace.com or call 800-ValuePlace.
SOURCE  Value Place

Shay Stegmaier of Value Place, +1-316-630-5539, sstegmaier@valueplace.com
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