BOSTON—Value Place and Dinosaur Capital Partners, the Boston-based development and investment firm, plan to develop 12 new corporate hotels in the Boston area over the next two years. Boston is Value Place’s latest focus in its continuing expansion across the U.S.
Value Place has teamed with Dinosaur Capital Partners to identify, acquire, and develop suitable locations, with construction of the company’s first Boston-area 124-unit property slated to begin in the first quarter of 2014. Value Place plans to grow aggressively within the Boston area and will close immediately on sites when a building permit is ready.
“Our unique operating model enables us to grow with consistently higher-than-average occupancy in any economic environment,” says David Redfern, president of Value Place Development LLC. “The Boston market offers ample opportunity for us to expand our customer base by accommodating a previously underserved demographic of guests in need of clean, safe, simple, and affordable extended-stay hotels.”
Value Place is seeking two-acre, 124-unit suburban sites with parking for 125 vehicles. Urban and infill sites also work with the hotel’s prototypical four-story, 45,000-square-foot building on just 12,000 square feet. Successful sites usually have:
“Once appropriate sites are identified, landowners will appreciate Value Place’s no-nonsense approach to closing quickly,” says Mark Dufton, managing partner of Dinosaur Capital Partners LLC. “We’re going to buy 12 sites in the next 24 months.”