Value Place released its second quarter results, showing a 11.5-percent same-property revenue per available week (RevPAW) increase during the second quarter of 2014. Additionally, system-wide revenue increased 10.6 percent from the same year prior to $55 million.
At the close of the second quarter, the Value Place network comprised 185 hotels, consisting of 107 franchised and 78 corporate-owned properties, totaling 22,108 rooms. The number of hotels under construction rose to 11, with 10 hotels under development (2,604 total rooms). In this period, Value Place opened a new hotel in Watford City, N.D., and signed nine new license agreements that will bring newly constructed hotels to Chattanooga, Tampa, Austin, Nashville, Columbus and other markets.
“The Value Place brand already has hotels open in 32 states, and we are accelerating our national expansion by focusing on development in major metropolitan markets including Pittsburgh, Philadelphia, Miami, Atlanta, Minneapolis and Denver,” said Kyle Rogg, COO of Value Place. “In addition to the development of our national corporate hotel portfolio, our network of franchisees, investors, and developers span the country, giving us a high degree of confidence in our growth plans.”
Also in the second quarter, Value Place appointed industry veteran Bruce Haase as CEO following a 12-year tenure at Choice Hotels International.