Quanah Announces Developmental Funding
Fuels Expansion Of Value Place Extended-Stay Hotels
AUGUST 13, 2007. Quanah Hospitality Partners, LP has announced it has a total capitalization of $100 million to acquire, develop and operate fifteen Value Place(R) extended-stay hotel properties. This completes Phase One of its development program.
Financing was provided by NorthStar Realty Finance Corp., a publicly traded REIT based in New York and known leader in the CDO market.
Value Place is the fastest growing brand in hospitality and the leader in the growing extended stay hotel segment.
Quanah is one of the largest franchisees developing Value Place hotels, with the rights to develop properties in parts of Texas, New Mexico, Florida and California.
"The growth potential of the Value Place brand is stunning," commented Gary L. Webb, Chief Executive Office of Quanah Hospitality Partners, LP, adding, "It is the perfect storm - a concept that fills a real need, high customer satisfaction and strong internal financials."
As of July 2007, Quanah Hospitality Partners, LP has projects open in Fort Worth, TX and Albuquerque, NM as well as projects under construction in Fort Worth, TX; Rockwall, TX; Trophy Club, TX; and Jacksonville, FL. Additionally, Quanah has projects under contract and design development in Fort Worth, TX; Dallas, TX; Benbrook, TX; Forest Hill, TX; Irving, TX; Mesquite, TX; Albuquerque, NM; Jacksonville, FL; Palm Springs, CA; Moreno Valley, CA; Loma Linda, CA; Victorville, CA; Perris, CA; and Wildomar, CA.
The company expects to announce its Phase 2 capitalization and development plans within the next 30 to 60 days.
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