ATLANTA—Value Place, an economy extended-stay lodging brand in the U.S., will invest $65 million over the next two years to buy land and build 10 new corporate-owned and operated Value Place properties in the Atlanta metro area. Construction on the first new 124-unit hotel in Chamblee Tucker, Ga., will begin in January.
“Atlanta is one of several key metro areas we’ve targeted to grow the Value Place brand across the country,” says Value Place Development LLC president David Redfern.
The company is looking for two-acre sites that have frontage to highways or thoroughfares with daily draffic of more than 50,000; a strong mix of non-retail employers with more than 150 local employees; and households or apartment communities with a one, three, and five-mile area. The company is working with two Atlanta brokers at Colliers International Retail Services Group to acquire building sites.
Value Place was founded by extended-stay pioneer Jack DeBoer, who also founded Residence Inn, Summerfield Suites, and Candlewood Suites. There are 185 Value Place extended stay hotels operating in 32 states, including one just north of Atlanta in Alpharetta, Ga., and seven others in the state. Of the total, 74 are corporate owned and 111 are franchised properties, with more under construction.