Value Place Opens First Extended Stay Hotel in Columbia, SC Area

CC Development Group brings lower-cost, cleaner, safer, simpler extended stay lodging to Elgin, S.C.

. October 14, 2008

COLUMBIA, SC, September 25, 2006. Travelers to Columbia, S.C., can now choose a safer, cleaner, lower-cost extended stay option - with the opening of the first Value Place extended stay hotel here today. Columbia-based CC Development Group's new Value Place extended stay property - the first for the area and the local company - is located at 931 Spears Creek Court, Elgin, S.C., a northeast Columbia suburb.

The 121-unit property is located near Interstate 20 and Spears Creek Church Road - just seven miles from Fort Jackson. It offers U.S. military service members, contractors, people in transition and others lodging for just $189 weekly.

Value Place (www.valueplace.com) - conceived by Jack DeBoer - is one of the fastest growing hotel brands in the country. DeBoer also founded Residence Inn, Summerfield Suites and Candlewood Suites. All are extended stay brands.

"We're excited to open our first Value Place hotel here, in our own community," says John Cattano, CC Development's managing partner.

"We fit a real need for the developing area. Soldiers on temporary duty assignments, families between homes, commercial and residential contractors and others who need short-term, affordable housing - they all can get exactly what they need at our Value Place," Cattano says.

Reservations at the Value Place extended stay hotel can be made online (www.valueplace.com/properties.cfm#SC) or by calling 803.699.1413.

CC Development Group is planning two other Value Place extended stay properties in the area. The second property will be in West Columbia, at the intersection of U.S. Highway 1 and Interstate 20. The third is under development. The company also is planning one property in Lynchburg, Va., and others in Greenville, S.C., Macon, Ga., and Chattanooga, Tenn.

CC Development Group investors also include Tidal "Ty" McCoy, former acting secretary of the U.S. Air Force, Dave Brock and Bob Jolly. Jolly has more than 30 years' experience in real estate development.

Suites and amenities

The Columbia Value Place hotel will offer three standard rooms: studio, studio sleeper and studio double. All feature a full-sized bed and kitchen with full-sized refrigerator, stovetop and microwave. Amenities include cable or satellite TV and biweekly housekeeping. Hotel residents can purchase or rent extras, such as additional housekeeping, dishes, cookware and high-speed Internet. Safety features include security cameras, electronic locks and interior, locked corridors.

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Revenue Management is still a relatively new profession within hotel operations and as such, it continues to evolve. One significant trend in this area is a shift away from using revenue as the foundation to generate key performance indicators (KPIs) and to instead place the emphasis on profit. Traditionally, revenue managers have relied on total revenue per available room (TrevPAR) and revenue per available room (RevPAR) as the basis of their KPIs. Now, some revenue managers are using gross operating profit per available room (GOPPAR) as their primary KPI. This puts profit at the center of revenue management strategy, and managers are increasingly searching for new ways to increase the profitability of their hotels. Return on Investment is the objective of any hotel investment, so it is only logical that profitability and ROI will be emphasized going forward. Another trend is an expanded focus on direct hotel bookings. Revenue managers know that one way to increase profitability is to steer guests away from online travel agencies (OTAs) and book directly with the hotel. This tactic also reinforces brand identity and loyalty, and encourages repeat business. In addition, it provides a valuable platform to market the hotel directly to the customer, and to upsell room upgrades or other services to them. Another trend for revenue managers involves automation in their software programs. Revenue management systems with automation are far more desirable than those without it. Automating data entry and logistics increases efficiency, allowing managers to spend more time on formulating strategy. As a bonus, an automated system helps with aggregating and interpreting data. The October issue of the Hotel Business Review will address these developments and document how some leading hotels are executing their revenue management strategies.