Company seeks commercial building sites; construction on first hotel begins in January.
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 in the Atlanta metro area. The company is seeking interested landowners and is prepared to acquire appropriate building sites right away.
Construction on the first new 124-unit hotel – in Chamblee Tucker, Ga., at the intersection of I-85 and Chamblee Tucker Road – will begin in January.
The company is working with two Atlanta brokers at Colliers International Retail Services Group: senior vice president Alex Deitch, and Greg Eisenman.
Value Place was founded by extended stay pioneer Jack DeBoer, who also founded Residence Inn, Summerfield Suites and Candlewood Suites. There are 185 Value Place extended stay hotels operating in 32 states, including one just north of Atlanta in Alpharetta, Ga., and seven others in the state. Of the total, 74 are corporate owned and 111 are franchised properties, with more under construction.
Ready to buy the right real estate
Value Place is prepared to close immediately on potential sites once building permits are finalized. The extended-stay lodging brand maintains specific guidelines for sourcing real estate. 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.
- Households or apartment communities within a one, three and five-mile area.
“Atlanta is one of several key metro areas we’ve targeted to grow the Value Place brand across the country,” says Value Place Development LLC president David Redfern. “We want to connect Greg (Eisenman) with anyone in Atlanta who has land to sell that meets our requirements.”
Community Impact
Value Place hotels are good neighbors and community partners. All hotels are new builds, following stringent brand guidelines for construction, operations, training, and customer service. Guests typically include employees on temporary training or work assignments, self-employed business travelers, families relocating to the area and vacationers who require safe, affordable, comfortable and clean lodging.
Local communities experience tangible economic development benefits, including the hiring of local companies to build the new hotels, additional tax revenue and increased spending on food, entertainment, business supplies, fuel and other commodities.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
