Value Place Sets Record Development Pace

MarketWatch:

It’s a developer’s dream: 100 new hotels built in just four years. For Value Place, this dream is a reality. The national extended stay hotel chain announced today the opening of its 100th property in Columbus, Ga. This milestone puts the company on track to be one of the fastest-growing brands in the history of hospitality. Value Place anticipates opening an additional 40 hotels by the end of the year.

“Opening 100 newly constructed properties is a landmark event for our company and franchisees,” said Greg Kossover, Value Place chief executive officer. “It truly illustrates the strength of the Value Place brand. We could not have attained this milestone without the dedication of our guests, employees and franchisees or the support of the communities we call home. We look forward to celebrating this achievement and many more to come,” Kossover said.

Value Place’s rapid growth has occurred in just after four years of franchising, and the company doesn’t plan to slow down development any time soon. Value Place now has properties open in 23 states, and nearly 100 new projects will be under construction through mid-2009. Along with its 46 franchise groups, Value Place plans to add 100 hotels every year for the next decade.