More Value Place Hotels Coming to Chicago

CHICAGO—Value Place, the extended-stay hotel chain, has spent all of 2014 expanding its brand throughout the US, opening both corporate-owned and franchise outlets. And to help keep up the pace the company has just signed a long-term development contract with Holladay Properties to build a group of hotels in the Chicago metro area.

Within the next 60 months, South Bend, IN-based Holladay plans to build 15 hotels in Chicagoland, with the potential to build even more. The company will break ground on the first hotel this spring.

“Value Place represents a strategic expansion of Holladay's hotel portfolio,” says Tim Healy, senior vice president and partner at Holladay. “We were attracted to the Value Place brand based on its strong executive leadership team and our shared core values.”

Earlier this year, Value Place hired Bruce Haase, a former executive for Choice Hotels International, as its new chief executive officer. In addition, it hired a new cadre of top officials to help build up the national brand. Kyle Rogg, for example, was brought on board as president and chief operating officer.

Holladay has considerable experience in the Midwest's hotel market. As reported in GlobeSt.com, it was part of a joint venture which broke ground last year on a 99-room Hampton Inn and Suites Mishawaka in the South Bend metropolitan area.

Holladay's Northwest Indiana office will lead the site selection and development effort and will also handle the architectural services. “Prioritizing sites and gauging entitlement lead times will be the more challenging aspects of meeting the aggressive development schedule,” Healy adds.

“This development group has the stamina and resources to aggressively grow with us in this area of the country,” says Ron Burgett, executive vice president of development for Value Place. “Partnering with Holladay in a big way in Chicago is exactly what this brand needs in the upper Midwest.”