Value Place, Holladay Properties JV Plans 15 New Hotels in the Chicago Area
- Nov 26, 2014
Value Place, the largest extended-stay hotel brand in the U.S. recently announced plans to build multiple hotels in the Chicago area within the next 60 months, in partnership with South Bend, Indiana-based Holladay Properties. The two companies signed a long-term development agreement for a number of 15 new hotels, with the option for additional properties.
According to a news release, Value Place and Holladay will break ground on the first property in spring 2015. Holladay Properties’ Indiana office will handle site selection and will also be in charge of the architecture and design of the new hotels.
“This development group has the stamina and resources to aggressively grow with us in this area of the country,” says 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.”
Value Place currently owns almost 200 locations in 32 countries, and was founded in 2003 by Jack DeBoer, the creator of renowned brands such as Residence Inn, Candlewood Suites and Summerfield Suites (now Hyatt House). The company was recently named one of Forbes’ Best Franchises in America.
“Value Place represents a strategic expansion of Holladay’s hotel portfolio,” says Tim Healy, senior vice president and partner at Holladay Properties. “We were attracted to the Value Place brand based on its strong executive leadership and our shared core values.”
Holladay Properties, founded in 1952 as the Grant-Holladay Construction Group, is one of the largest medical office management companies in the country, and was named the 2013 Developer of the Year by NAIOP-Indiana earlier this year.
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