CHICAGO—Value Place has signed a long-term development agreement with Holladay Properties to build multiple hotels in the Chicago area.
The South Bend, Indiana-based Holladay Properties has entered into a development agreement with Value Place Franchise Services to develop 15 hotels in the Chicagoland area within the next 60 months, with the potential to build additional properties. The first hotel is on track to break ground in spring 2015.
“This development group has the stamina and resources to aggressively grow with us in this area of the country,” said Ron Burgett, executive vice president of development at Value Place. “Partnering with Holladay in a big way in Chicago is exactly what this brand needs in the upper Midwest.”
Holladay’s Northwest Indiana office will lead the site selection and development effort and will also utilize its architectural services.