Value Place eyes Springfield extended-stay market

Wichita, Kan.-based Value Place LLC builds what it calls “short-term residential properties.” Each property is part hotel, part apartment complex. Rooms have the amenities of a hotel – cable television, towels, linens and room service – but they also come with dishes and a full kitchen and are reserved a week at a time.

Value Place recently signed an agreement with newly formed Springfield Value Partners LLC to build two Value Place facilities in Springfield.

Partnerships

Emmitt Mitchell, of Overland Park, Kan., and Mike Branker, of Lincoln, Neb., partnered to form Springfield Value Partners LLC.

Mitchell said Springfield is ready for this type of property.

“We chose Springfield because it’s a growing community that I think is one of the most attractive cities in the Midwest as far as the business climate goes,” he said. “It’s kind of a crossroads; a lot of people from the surrounding states cross through Springfield. I was also attracted by the tremendous trade area – there are over 800,000 (people) in the Springfield trade area.”

Mitchell and Branker have not yet finalized deals for the land to build the new facilities – negotiations are ongoing. Value Place will be the pair’s first venture in the Springfield area.

Gina-Lynne Scharoun is president of Value Place Franchise Services, the segment of Value Place in charge of selling and coordinating franchise opportunities. She said the facilities can offer affordable yet quality housing – rates start at $149 per week – because the company is founded on four basic qualities.

“The four tenets of the brand are low costs, a safe environment – we have all electronic locks on our doors and eight closed-circuit cameras on each property – simplicity and cleanliness,” Scharoun said. “We have stringent standards in place for all the properties from coast to coast, so people know what to expect, and it’s a good thing.”

Value Place was founded by hotelier and apartment developer Jack DeBoer, who also created extended-stay hotel chains Residence Inn, now owned by Marriott, and Candlewood Suites, owned by Holiday Inn parent company Intercontinental Hotels Group.

Filling a need

Scharoun agreed that the Springfield area is ready for Value Place.

“You have small-business owners who are doing contract work in an area and want to maximize their bottom line and just want a safe and clean place to stay,” she said. “You have people who are between homes and looking for a new home, but don’t want to sign a six-month lease. You have traveling construction workers. That diversity speaks to the demand for the product, and we believe that demand is strong in Springfield.”

[[In-content Ad]]