Thursday October 24th, 2013 - 9:29AM
ATLANTA—Value Place will invest $65 million over the next two years to buy land and build 10 new corporate-owned and operated Value Place properties here.
According to the company, it is seeking interested landowners and is prepared to acquire appropriate building sites right away. Two-acre sites that meet all the following requirements will be considered: Frontage to highways or thoroughfares with daily traffic of more than 50,000, including local and out-of-town traffic; a strong mix of non-retail employers with more than 150 local employees; and households or apartment communities within a one-, three- and five-mile area.
Construction on the first new 124-unit hotel—in Chamblee Tucker, GA—will begin in January.
The company is working with two Atlanta brokers at Colliers International Retail Services Group: SVP Alex Deitch and Greg Eisenman.
There are 185 Value Place extended stay hotels operating in 32 states. Of the total, 74 are corporate owned and 111 are franchised properties, with more under construction.