ATLANTA—Extended-stay lodging brand Value Place is investing $65 million over the next two years to buy land and build 10 new corporate-owned and operated hotels in the Atlanta metro area. The company is seeking landowners willing to sell appropriate building sites.
Value Place is working with two Atlanta brokers at Colliers International Retail Services Group: senior vice president Alex Deitch, and Greg Eisenman. Meanwhile, construction on the first new 124-unit hotel in Chamblee Tucker, GA, at the intersection of Interstate 85 and Chamblee Tucker Road will begin in January.
“Atlanta is one of several key metro areas we’ve targeted to grow the Value Place brand across the country,” says Value Place Development president David Redfern. “We want to connect with anyone in Atlanta who has land to sell that meets our requirements.”
Extended stay pioneer Jack DeBoer, who also founded Residence Inn, Summerfield Suites, and Candlewood Suites, launched Value Place. Currently, 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.
Value Place is prepared to close immediately on potential sites once building permits are finalized. The extended-stay hotel 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; strong mix of non-retail employers with more than 150 local employees; households or apartment communities within a one, three and five-mile area.