Value Place acquires franchisee’s hotels in $115 million deal

Wichita-based Value Place is acquiring 22 of its franchised extended-stay hotels from its largest franchisee in a $115 million deal.

Value Place said in a news release that the hotels are owned by a partnership between Angelo, Gordon & Co. and Belvedere Capital Real Estate Partners.

The hotels are located in nine states and include 10 in Florida.

“This acquisition continues the growth of the Value Place brand, and is part of our larger plan to develop and acquire properties corporately, upgrade our properties to maintain high quality standards, and accelerate the growth of our franchise network,” Dan Weber, Value Place CEO, said in a news release.