The First Value Place in SE Under Construction

Construction for the first Value
Place in the southeastern U.S. is now under way in Myrtle Beach, S.C. Aurora Investments of Anderson, S.C., will own and manage the hotel-
apartment property, which is expected to open by mid-summer. It is one of
the first franchisees for this new lodging concept launched by industry
visionary Jack DeBoer.

DeBoer—who also founded Residence Inn, Summerfield Suites and
Candlewood Suites—opened the first company-owned Value Place property
in October 2003 ( http://www.myvalueplace.com/ ). He announced Value Place
Franchise Services in May 2004. DeBoer has dubbed the new concept
“short-term residential lodging.”

“We were researching the extended stay market and Value Place stood apart
from the rest,” says Steve Patel, president of Aurora Group. “Its simple
operations—and the support of the franchise team—convinced us to
invest.”

The 121-unit property is located at 220 Whitty Drive, at the intersection
of Whitty Drive and U.S. Highway 501 in the growing Carolina Forest area.
Weekly rates will start at $169.

Value Place is a hotel and apartment hybrid, a unique lodging approach
that benefits franchisees and residents alike. Franchisees enjoy lower
start- up and operating costs, which yield greater potential revenue per
square foot compared to traditional rental properties. Residents get
clean, safe and low- cost accommodations for weekly or longer stays.

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Aurora Group is a construction and development company. It owns limited
service hotel properties in Utah and South Carolina along with other
investments.

Value Place has headquarters in Wichita, Kan. Three company-owned
properties are open in Wichita and Oklahoma City. More than 20 others are
under development. Potential franchisees—hotel owners, real estate and
apartment developers and general investors—can benefit from the new
brand’s investment potential and operating efficiencies.

Many Value Place residents are business owners, contractors and others who
need temporary lodging for job assignments, or individuals who need
short-term housing. Value Place plans to be the national low-cost provider
of safe, clean, apartment-style lodging. Residents can choose from three
standard room options—studio, studio sleeper and studio double.

Company founder DeBoer—in addition to inventing the extended-stay hotel
concept and founding three successful hotel brands—developed more than
16,000 apartments. In the 1970s, he was the nation’s second largest
apartment developer. DeBoer considers Value Place to be his best real
estate investment yet. It is his first venture in the economy-lodging
segment—one he feels is greatly lacking in suitable, affordable
accommodations.
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