Value Place announced that U.S. Bank has provided the company with a new $34-million five-year term loan to refinance a group of its corporate-owned hotels. The 10 properties are located in Wichita, Kan.; Oklahoma City, Ok.; Del City, Ok.; Fayetteville, N.C.; Lubbock, Texas; Brownsville, Texas; and Pensacola, Fla.
“Our growing relationship with U.S. Bank dates to November of 2010, and since then they’ve also financed the 22 operating properties we acquired from Angelo, Gordon & Co.,” said Kyle Rogg, COO of Value Place. “With our rapidly growing portfolio of owned properties, it’s important to have a strong partner on which we can depend, and we are pleased that U.S. Bank continues to show confidence in Value Place's strategy, performance, and management.”
Value Place has nearly 190 hotels open in 32 states, in the economy extended-stay segment. Value Place is focused on strategic expansion across the U.S. Expansion plans include the acquisition of land to build hotels in metropolitan markets including Philadelphia, Miami, Atlanta, Boston, and Denver, to name just a few.