Value Place plans 6 more Cleveland area hotels
08/23/2013 9:45 AM
08/23/2013 9:46 AM
Value Place said Friday it plans to add six more company-owned hotels in the Cleveland metro area in the next two years.
The Wichita-based extended-stay hotel chain said construction of the first of the six new properties there would begin in January and would be a 124-suite property.
“Further expansion in the Cleveland market has the potential for consistently higher-than-average occupancy,” David Redfern, president of Value Place Development, said in a news release.
Value Place already has three company-owned hotels in Mentor, Akron-Green and Avon, Ohio.
In July, the company founded by hotelier Jack DeBoer said it planned to add nine hotels in and around Denver, as well as others in Atlanta, Boston, Miami and southeast Florida.
The expansion effort follows a $100 million investment in Value Place by New York-based private equity firm Lindsay Goldberg LLC in January.
Value Place operates 184 hotels in 32 states.
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