WICHITA, Kan.—WICHITA, Kan.—Value Place announced today that construction has begun on a new property in Lake Charles, La. Scheduled to be completed in October 2013, the four-story, 124-room building will be built to the company’s recently announced “Value Place 2.0” standards, featuring more than 30 major enhancements improving on cost-efficiency and customer appeal.
This will be the sixth Louisiana location for the 181-unit economy extended-stay lodging chain and the second in the area near the southwest border of the state. This region is experiencing heightened economic development activity due to several proposed liquefied natural gas (LNG) plants, a casino now under construction, and other expansion. Value Place is suitable for employees who are temporarily relocating for work, families in transition to become permanent residents of the community, or anyone who needs affordable, long-term lodging. “Exceptional growth and development is occurring in the Lake Charles locality and the area can strongly benefit from an extended-stay option,” says Value Place CEO Dan Weber.
According to the Highland Group’s 2013 Extended-Stay Lodging Market Report, extended-stay hotels attracted more than $1 billion in new investment in 2012. The economy segment that includes Value Place drew in more than $800 million alone, the report said, including a $100 million capital investment in Value Place by the private equity firm Lindsay Goldberg LLC. The report projected that construction would increase further, especially in the “underserved” economy segment.
This will be the sixth Louisiana location for the 181-unit economy extended-stay lodging chain and the second in the area near the southwest border of the state. This region is experiencing heightened economic development activity due to several proposed liquefied natural gas (LNG) plants, a casino now under construction, and other expansion. Value Place is suitable for employees who are temporarily relocating for work, families in transition to become permanent residents of the community, or anyone who needs affordable, long-term lodging. “Exceptional growth and development is occurring in the Lake Charles locality and the area can strongly benefit from an extended-stay option,” says Value Place CEO Dan Weber.
According to the Highland Group’s 2013 Extended-Stay Lodging Market Report, extended-stay hotels attracted more than $1 billion in new investment in 2012. The economy segment that includes Value Place drew in more than $800 million alone, the report said, including a $100 million capital investment in Value Place by the private equity firm Lindsay Goldberg LLC. The report projected that construction would increase further, especially in the “underserved” economy segment.
