Philip Sanford Named President And Coo Of Value Place LLC

Philip Sanford Named President And Coo Of Value Place LLC

March 11, 2009 // // (Wichita, KS)---Value Place, the Wichita-based economy extended stay lodging brand, is pleased to announce that Philip H. Sanford has joined the company as its new president and chief operating officer.

Sanford comes to Value Place with nearly 30 years of experience beginning in the 1980s as an officer of a Coca-Cola bottling franchise. This Chattanooga, Tennessee-based operation, Johnston Coca-Cola Bottling Company, grew into an over $1 billion business and merged with Coca-Cola Enterprises (CCE) in 1989, prompting Sanford's relocation to Atlanta to serve as one of CCE's four executive officers. Though CCE continued its success – this year it will do over $20 billion in sales – Sanford wanted more out of his professional career and left CCE to pursue ownership of The Krystal Company, the second-oldest quick-service restaurant chain in the United States. Through his investment company, Port Royal Holdings, Sanford bought the publicly-traded company in 1996 and, as chairman of the board and CEO, began introducing new initiatives including a prototype for future locations and a revamped franchising program while staying true to Krystal's heritage.

Under Sanford's direction, Krystal had grown to over 400 locations in 13 states by 2006. Sanford sold his interest but quickly realized that he wasn't ready to exit the working world for good. He had heard about Value Place soon after its inception in 2002 and was immediately impressed with the company's business model, product and personnel. Value Place's feelings regarding Sanford were mutual and on January 5, 2009, Sanford assumed the role of president and COO.

"Right now, the consensus across all demographics is to be smart and responsible and Value Place is the epitome of smart and responsible," said Sanford. "It's the right idea at the right time and having the opportunity to work with industry giants like Jack DeBoer and Greg Kossover to grow their brand into the future is a great opportunity."

Sanford is wasting no time making his mark at Value Place, stating that 2009 will focus on national growth, attracting the highest-caliber franchisees and securing the best financing options during this difficult credit period. Sanford is confident that his years of franchising expertise will play an integral role in Value Place's continued success and is looking forward to bringing the drive, leadership and experiences that propelled his previous ventures to this new position.

"Value Place is a young company but already a national brand, proving that clean, safe and affordable are sought-after qualities in any economy and I think Value Place will only become stronger through franchised growth because no one can succeed more readily than those individuals that immerse themselves in the communities in which they do business," said Sanford. "I am excited to build upon this strong foundation that has made Value Place one of the top names in economy extended stay."

Value Place CEO Greg Kossover concurs, stating, "Phil possesses the experience and passion to make Value Place a household name that consumers will seek out any time they travel. We are very pleased to have him on our team."

About Value Place

Founded in 2002, Value Place is an economy extended stay lodging brand that features remarkably affordable weekly rates, rigorous cleanliness standards and secure temporary lodging with an unparalleled commitment to the comfort, privacy and peace of mind of each guest. Value Place currently has over 130 locations open in 25 states and expects to end 2009 with 165 locations. Since opening the first Value Place property in 2003, 47 franchise groups have committed to build over 550 properties over the next 10 years. Value Place has approximately 40 active construction projects that include expansion in various states.



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