Value Place, the largest economy, extended-stay hotel brand in the U.S., has partnered with local franchisors Amish and Dipal Patel to develop a hotel at 7710 Lee Highway in Chattanooga. This will be the brand’s eighth hotel in Tennessee.
“This new hotel will help to meet the fast-growing demands of the area,” said Ron Burgett, executive vice president of Franchise Development at Value Place. “This site sits strategically at the entrance to Volkswagen, the largest employer in the Chattanooga region, and will provide the first quality, affordable extended-stay option for business travelers, employees relocating to the area, and visitors to the region.
The projected opening date is the first quarter of 2015. Once completed, the new four-story, 124-room hotel will feature such guest amenities as laundry facilities, modified kitchens, and the cleanliness, safety and security that a Value Place provides to its guests.
“We chose to partner with Value Place because of the brand’s high expected NOIs, low planned operating expenses, and proven track record of success,” said Amish Patel. “But more than that, Value Place is unique because they are a fellow developer and owner. We wanted to do business with someone who truly had our bottom line in mind, and their commitment to investing in the brand demonstrates that.”
Value Place is focused on strategic expansion across the U.S. through both corporate and franchise-owned development. Over the next three years, expansion plans include the acquisition of land to build corporate and franchised properties in metropolitan markets, including Miami, Fort Lauderdale, Boston, Chicago, Minneapolis, Los Angeles, Seattle, Portland and Atlanta.