Value Place Expands into Chicago with 15 New Hotels
Value Place partners with Holladay Properties for Multi-Unit Development Agreement
CHICAGO - November 21, 2014 - (BUSINESS WIRE) - Value Place, the largest economy, extended-stay hotel brand in the U.S., has signed a long-term development agreement with Holladay Properties to build multiple hotels in the Chicago area.
The South Bend, Indiana-based Holladay Properties has entered into a development agreement with Value Place Franchise Services, LLC, to develop 15 hotels in the Chicagoland area within the next 60 months, with the potential to build additional properties. The first hotel is on track to break ground Spring 2015.
"This development group has the stamina and resources to aggressively grow with us in this area of the country," said Ron Burgett, Executive Vice President of Development at Value Place. "Partnering with Holladay in a big way in Chicago is exactly what this brand needs in the upper Midwest. Holladay is a perfect fit."
Holladay's Northwest Indiana office will lead the site selection and development effort and will also utilize its architectural services. "Prioritizing sites and gauging entitlement lead times will be the more challenging aspects of meeting the aggressive development schedule," said Tim Healy, Senior Vice President and Partner at Holladay Properties.
"Value Place represents a strategic expansion of Holladay's hotel portfolio," continued Healy. "We were attracted to the Value Place brand based on its strong executive leadership team and our shared core values."
Holladay has earned multiple development honors over the years. Most recently, the firm won the prestigious NAIOP-Indiana "2013 Developer of the Year" award. The award was a nod to Holladay's numerous development projects in the state, including Bass Pro Shops, multiple AmeriPlex branded business parks, hotels, and commercial office space.
With nearly 190 hotels open in 32 states, Value Place has emerged as a leader in the extended-stay segment. The brand continues to garner national recognition, and was recently named by Forbes magazine as the top hotel franchise in the U.S., one of 2014's Top 500 Franchises by Entrepreneur Magazine, as well as one of Franchise Business Review's Top 50 Franchises for four consecutive years. For more information about franchise opportunities visit www.ValuePlace.com/Franchise or call 866-645-3726.
About Value Place
Value Place is the nation's largest economy extended-stay hotel brand with nearly 200 hotels located in 32 states. The company owns 81 of the properties and provides management services for both company- and franchise-owned locations. Featuring remarkably affordable weekly rates, rigorous cleanliness standards and secure short-term lodging, the brand delivers an unparalleled commitment to the comfort, privacy, and peace of mind of each guest. For more information, contact Value Place at (316) 631-1370 or visit ValuePlace.com.
SOURCE Value Place
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