Value Place announced today that U.S. Bank has provided the company with a new, $34 million five-year term loan to refinance a group of its corporate-owned hotels. The 10 properties being refinanced are located in Wichita; Oklahoma City; Del City, Oklahoma; Fayetteville, North Carolina; Lubbock, Texas; Brownsville, Texas; and Pensacola, Florida.
“Our growing relationship with U.S. Bank dates to November of 2010, and since then they’ve also financed the 22 operating properties we acquired from Angelo, Gordon & Co.,” said Kyle Rogg, COO of Value Place. “With our rapidly growing portfolio of owned properties, it’s important to have a strong partner on which we can depend, and we are pleased that U.S. Bank continues to show confidence in Value Place's strategy, performance, and management.”
With nearly 190 hotels open in 32 states, Value Place has emerged as a leader in the economy extended-stay segment, offering a clean, safe, and affordable hotel stay to guests. Value Place is focused on strategic expansion across the U.S. Expansion plans include the acquisition of land to build hotels in metropolitan markets including Philadelphia, Miami, Atlanta, Boston, and Denver, to name just a few.
Value Place is the nation’s largest economy extended-stay hotel brand with nearly 190 hotels located in 32 states. The company owns 78 of the properties and provides management services for both company- and franchise-owned locations.
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