Value Place Secures $34 Million with U.S. Bank to Refinance 10 Hotels
Transaction further confirms availability of institutional capital for Value Place brand
WICHITA, Kan.--(BUSINESS WIRE)--Value Place, the largest economy, extended-stay hotel brand in the U.S., announced today that U.S. Bank has provided the company with a new, $34 million five-year term loan to refinance a group of its corporate-owned hotels. The 10 properties being refinanced are located in Wichita; Oklahoma City; Del City, Oklahoma; Fayetteville, North Carolina; Lubbock, Texas; Brownsville, Texas; and Pensacola, Florida.
“With our rapidly growing portfolio of owned properties, it’s important to have a strong partner on which we can depend, and we are pleased that U.S. Bank continues to show confidence in Value Place's strategy, performance, and management.”
“Our growing relationship with U.S. Bank dates to November of 2010, and since then they’ve also financed the 22 operating properties we acquired from Angelo, Gordon & Co.,” said Kyle Rogg, COO of Value Place. “With our rapidly growing portfolio of owned properties, it’s important to have a strong partner on which we can depend, and we are pleased that U.S. Bank continues to show confidence in Value Place's strategy, performance, and management.”
With nearly 190 hotels open in 32 states, Value Place has emerged as a leader in the economy extended-stay segment, offering a clean, safe, and affordable hotel stay to guests. Value Place is focused on strategic expansion across the U.S. Expansion plans include the acquisition of land to build hotels in metropolitan markets including Philadelphia, Miami, Atlanta, Boston, and Denver, to name just a few.
Interested landowners and developers may contact Value Place Real Estate Development at email@example.com. For more information on franchise opportunities, contact Value Place at 866-645-FRAN, firstname.lastname@example.org, or visit ValuePlace.com/Franchise.
About Value Place
Value Place is the nation’s largest economy extended-stay hotel brand with nearly 190 hotels located in 32 states. The company owns 78 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.