Value Place Looks to Add Nine Hotels in Denver Area
Thursday July 11th, 2013 - 11:58AM G
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DENVER—Value Place plans to develop nine new extended-stay corporate properties in the Denver area, with construction to start in early 2014.
Value Place plans to invest more than $63 million to build the hotels, including about $13 million for land acquisition, and indicates it can close immediately once a building permit is issued.
Local firms will be hired for construction and communities will benefit from incremental tax revenue and guest spending in the area, according to the company.
The company is working with Denver-based David, Hicks & Lampert to explore possible sites and talk with landowners, brokers and commercial real estate firms.
Value Place also plans to acquire land and build corporate-owned hotels in other metro markets over the next three years, including Atlanta, Boston, Cleveland, Miami and southeast Florida.
"While many other hotel companies have stopped building new hotels, we are doing exactly the opposite," said David Redfern,Value Place president of real estate development. "We don't go into a market and reflag an older hotel, or upgrade and rebrand it. We build every Value Place from the ground up, to very exacting standards."
Typically, Value Place hotels are built near highways, freeways or major intersections.
Founded by extended-stay entrepreneur Jack DeBoer, 184 Value Place hotels are operating in 32 states, including four in Colorado.
Tags: • Hospitality • Construction/Renovation •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.