WICHITA, Kan.—Value Place has entered into an agreement with West77 Partners to develop up to 25 hotels across the state of Washington.
The Bellevue, Wash.-based West77 Partners has entered into a development agreement with Value Place Franchise Services, which includes the construction of multiple hotels in Washington State over the next four years. The first three hotels are expected to break ground in the spring of 2015 within the Seattle MSA.
West77 Partners and its partner company, San Francisco-based Keystone National Group, are well known in the region for their proven track record in both multifamily and commercial developments.
“Value Place is a great fit for West77 Partners. Investing in real estate transactions with a hospitality focus has been a goal for some time now,” said Mike Nielson, principal at West77 Partners. “Value Place has a proven track record and precise operating model that attracted us. With a stronger expected return on investment than more traditional, nightly-stay hotels, coupled with our ability to build out a new region of the country for Value Place, we feel we have the right franchise partner.”
Value Place Property Management plans on managing the new West77 Partners portfolio.
“This dynamic development group has the energy and expertise to aggressively introduce our unique hotel concept to a new customer base in the Pacific Northwest,” said Bruce Haase, CEO for Value Place. “Partnering with West77 Partners in the state of Washington is a fantastic opportunity for both of us.”