Quanah Plans Major Expansion of Value Place Properties
Secures $100 million in Capital from NorthStar Realty Finance Corp.
DALLAS, TX, August 27, 2007. Quanah Hospitality Partners, LP has announced the details of expansion plans for the Value Place brand, centering around an ambitious vision to develop 150-200 Value Place property locations within a short five-year timeframe. This equates to the addition of approximately 20,000 beds, an industry leading annual pace.
Value Place currently touts 52 open properties, with plans to develop at least 500 more hotels over the next five years. Quanah will be a major contributor to Value Place's aggressive expansion plans, and will be a driving force in creating one of the Top 20 largest hotel brands in the United States.
Quanah has been successfully securing the necessary capital to fuel this unprecedented expansion effort. Most recently it completed a $100 million transaction with NorthStar Realty Finance Corp., a publicly traded REIT. Additional milestones are expected to be reported within the coming 30-60 days.
Value Place ( http://www.ValuePlace.com ) is the fastest growing brand in hospitality and the leader in the growing extended stay hotel segment. Quanah is one of Value Place's largest franchisees and is developing hotels throughout the United States.
"The Value Place concept is ripe for rapid expansion. Our team has collectively built over 15,000 projects, so we fully understand what it takes to make this vision a reality," commented Gary L. Webb, CEO of Quanah Hospitality Partners, LP. "As franchise developers, we are also fully aligned with the values and vision of the Value Place ownership and are leveraging all the support they can provide," he added.
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