Value Place announced today it plans to invest $131 million to purchase land and develop 15 new corporate extended-stay properties in the greater Miami region over the next two years. Construction of the first 124-unit property is slated to begin in January 2014. There are 19 Value Place hotels currently operating in Florida, with two additional properties under construction in Jacksonville, Fla.
"Value Place's unique operating model enables us to grow in virtually any economic environment," says David Redfern, president of Value Place Development LLC. "The southeast Florida market offers a great opportunity for us to expand our customer base and accommodate a previously underserved demographic of guests in need of clean, safe, simple and affordable extended-stay lodging."
Value Place is working with Miami-based broker Daniel Nadler of Spectra Properties Inc., to identify, acquire, and develop possible sites and talk with landowners, brokers and commercial real estate firms ([email protected] or 754.444.7746).
"We're finding local officials very supportive of Value Place and embracing its proposed use," says Nadler. "They see Value Place meeting the needs of their communities as well as those of visiting business and leisure travelers."
The local community will also experience tangible economic development benefits, including the hiring of local companies to build the new hotels, additional tax revenue and increased spending on food, entertainment, business supplies, fuel and other commodities.
Value Place plans to grow aggressively within the Miami area, and is prepared to close immediately on potential sites once building permits are finalized. The extended-stay lodging 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.
- A strong mix of non-retail employers with more than 150 local employees.
- Households or apartment communities within the one, three and five-mile area.
Value Place also seeks to double the number of franchised properties to further fuel its growth strategy.
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