WICHITA, Kan.--(BUSINESS WIRE)--Value Place, the nation’s largest economy, extended-stay hotel brand*, today released its third quarter results, which reflect strong growth and stability across the portfolio. System-wide revenue rose substantially, reaching $60.6 million, a 16.9 percent jump over the same quarter a year prior. The privately-held company also announced a significant 12.9 percent system-wide RevPAR increase during the third quarter of 2014.
As of Sept. 30, the Value Place network comprised 185 hotels, consisting of 107 franchised and 78 corporate-owned properties, totaling 22,108 rooms. The number of hotels under construction is 11, with 21 hotels under development (2,604 total rooms). During the third quarter, Value Place opened a new hotel in Grand Junction, Colorado and broke ground on new sites in Fort Lauderdale, Florida and Louisville, Kentucky. The brand also secured a $34 million, five-year term loan with US Bank to refinance a group of 10 corporate-owned hotels in Wichita, Kansas; Oklahoma City, Oklahoma; Fayetteville, North Carolina; Lubbock, Texas; Brownsville, Texas; and Pensacola, Florida.
“Value Place continued to execute our aggressive expansion plans in the third quarter while at the same time taking strategic steps to strengthen our value and brand positioning on a national scale,” said Kyle Rogg, COO of Value Place. “With hotels open in 32 states, and a rich development pipeline full of new property and market agreements, there is a lot of positive momentum for the brand as we enter the fourth quarter. We’re looking forward to continuing to build upon our national corporate portfolio and franchisee network.”
Value Place is the leader in the economy extended-stay segment, offering a clean, safe, and affordable hotel experience to guests while providing attractive returns to hotel owners and operators. Notably in the third quarter, Value Place strengthened its corporate management team by appointing Kelly Poling to Executive Vice President and Chief Marketing Officer, and Mike Varner to Senior Vice President of Brand Strategy and Marketing.
“Value Place is experiencing an extremely strong year in 2014, and that positive trend is projected to continue for the coming years,” said Bruce Haase, CEO of Value Place. “There is no other brand or product in the economy hotel segment that delivers a clean and safe experience for the rates that we provide. With our growth, and through the new franchise and marketing initiatives our experienced staff will lead, we continue to strengthen the brand’s position as a national leader in the economy, extended-stay lodging industry.”
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.
* Derived from The Highland Group 2014 and the Global Serviced Apartments Report 2013-2014