Value Place is an extend stay hotel chain in the United States, based in Wichita, Kansas

Wichita, Kansas

Wichita is the largest city in the U.S. state of Kansas.As of the 2010 census, the city population was 382,368. Located in south-central Kansas on the Arkansas River, Wichita is the county seat of Sedgwick County and the principal city of the Wichita metropolitan area...

. It is currently one of the fastest growing hotel chains in the United States, with 175 locations in 26 states as of February 2011.

The Chain caters to traveling workers and guests that are relocating to a new community, building or renovating a new home, or visiting for family events, and occasionally vacationers looking to stretch their travel dollars. More specifically the chain is suited for small business

Small business

A small business is a business that is privately owned and operated, with a small number of employees and relatively low volume of sales. Small businesses are normally privately owned corporations, partnerships, or sole proprietorships...

 travelers and consultants in mind, who often foot their own bill for lodging and other travel expenses or are traveling on a strict per diem

Per diem

Per diem refers to a specific amount of money that an organization allows an individual to spend per day, to cover living and traveling expenses in connection with work...

 budget.

Rates and Service

All Value Place hotels operate on a "weekly rate" basis. Accommodations include fully furnished studios with full kitchen, towels and linens; expanded cable network with a premium movie channel; all utilities and bi-weekly studio cleaning, providing guests with the right amount of what they need for an extended stay, while leaving more money in their pockets. Additional services offered for a nominal fee include local and long-distance calling, high-speed Internet access, onsite laundry and vending, dishes and other kitchen supplies and more.

The chain keeps its rates low by keeping its overhead costs low. The properties, which average 124 rooms each, have an average of 4.5 employees at each location, compared with 16-22 at other chains. The chain has seen a demand in the services it provides during slower economic times.

History

In 2003, entrepreneur

Entrepreneur

An entrepreneur is an owner or manager of a business enterprise who makes money through risk and initiative.The term was originally a loanword from French and was first defined by the Irish-French economist Richard Cantillon. Entrepreneur in English is a term applied to a person who is willing to...

 Jack DeBoer – known in the industry as the originator of extended-stay lodging and founder of Residence Inn, Summerfield Suites

Summerfield Suites

Summerfield Suites is an extended stay hotel chain. It is owned by Hyatt Hotels Corporation.In June 2005 the Blackstone Group acquired Wyndham International for $3.2 billion. Summerfield Suites, Wyndham’s extended-stay offering, was included in the deal...

 and Candlewood Suites

Candlewood Suites

Candlewood Suites is a brand name applied to hotels within the InterContinental Hotels Group .- History :The Candlewood Suites chain was started in 1995 by Jack Deboer, founder of the Residence Inn and co-founder of the Summerfield Suites chain. The first hotel was built on North Webb Road in...

, recognized a void in the economy segment of the hotel industry. While there were plenty of mid-price and upscale properties with fees and amenities designed for corporate business travelers and family vacationers, there were not many practical options for small- and mid-size business owners and those on the move in their own community who were footing their own bill. The first Value Place opened in October 2003 in Wichita, Kansas offering an affordable, cleaner, safer, simple and flexible extended stay lodging concept. Later a franchising

Franchising

Franchising is the practice of using another firm's successful business model. The word 'franchise' is of anglo-French derivation - from franc- meaning free, and is used both as a noun and as a verb....

 program was launched in June 2004.

On July 16, 2008, Value Place opened its 100th location in Columbus, Georgia

Columbus, Georgia

Columbus is a city in and the county seat of Muscogee County, Georgia, United States, with which it is consolidated. As of the 2010 census, the city had a population of 189,885. It is the principal city of the Columbus, Georgia metropolitan area, which, in 2009, had an estimated population of 292,795...

. By July 2009, Value Place had opened another 51 locations.

Key Personnel

Jack DeBoer, Chairman and Founder;

Greg Kossover, CEO;

Gina-Lynne Smith, President/Value Place Franchise Services;

David Redfern, President/Value Place Real Estate Services;