Monday September 9th, 2013 - 10:35AM
BOSTON—Value Place and Dinosaur Capital Partners, a development and investment firm based here, plan to develop 12 new corporate hotels in the Boston area over the next two years.
Construction of the first 124-unit property is slated to begin in the first quarter of 2014. According to the company, it plans to grow aggressively in Boston and will close immediately on sites when a building permit is ready.
“Our unique operating model enables us to grow with consistently higher-than-average occupancy in any economic environment,” stated David Redfern, president of Value Place Development LLC. “The Boston market offers ample opportunity for us to expand our customer base by accommodating a previously underserved demographic of guests in need of clean, safe, simple and affordable extended-stay hotels.”
Value Place seeks two-acre, 124-unit suburban sites with parking for 125 vehicles. According to the company, urban and infill sites also work with the hotel’s prototypical four-story, 45,000-sq.-ft. building on just 12,000 sq. ft.
Initially, Dinosaur and Value Place are focusing on locations in and around Boston, but within Route 495.
The brand also plans to acquire land and build corporate-owned hotels in other metro markets, including Atlanta, Cleveland, Denver and southeast Florida over the next three years.