Nation's largest economy extended stay brand targets metro Los Angeles, San Diego, Long Beach, Orange County, Riverside, Ventura.
WICHITA, KAN. – Value Place is working with San Diego-based KZ DevCo, which has deep experience in rolling out brands in southern California. KZ DevCo has a notable development portfolio in the region, including CVS Pharmacy, Starbucks, Petco, Burger King, 7-Eleven, Applebee’s, Whole Foods and FedEx Office (formerly Kinkos).
Key markets
Targeted southern California markets include, but are not limited to, metro Los Angeles, San Diego, Long Beach, Orange County, Riverside and Ventura. Some of the new Value Place properties will be corporate owned and operated, while others will be developed by Value Place franchisees.
“Housing and lodging costs are particularly challenging for travelers and new residents here, which is one of the reasons Value Place is a great fit,” says KZ DevCo general partner Mark Zimmerman.
Background
Value Place was founded in 2002 by extended-stay hotel pioneer Jack DeBoer, who created the Residence Inn brand, selling the company to Marriott International in 1987. DeBoer also founded Summerfield Suites (now Hyatt House) and Candlewood Suites, sold to Intercontinental Hotel Group in 2004.
Specific construction site needs
Value Place will consider two-acre sites that meet these requirements:
- 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.
- Households or apartment communities within a one, three and five-mile area.
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