VALUE PLACE BUYS 22 HOTELS FOR $115M

WICHITA, KAN. — Value Place, an economy extended-stay lodging owner, operator, manager and franchisor, has acquired 22 operating hotel owned by its largest franchisee, a partnership comprised of Angelo, Gordon & Co., Belvedere Capital Real Estate Partners and other prominent real estate investors. The $115 million purchase price includes the assumption of existing debt. Ten of the acquired properties are located in Florida, with the rest located in Washington, D.C., Alabama, Texas, Ohio, Arizona, Utah, Colorado and Indiana. Value Place now owns 74 of the 185 franchise locations and develops, franchises, and manages Value Place properties throughout the U.S. Value Place’s growth strategy was recently endorsed by a $100 million capital investment from Lindsay Goldberg LLC, a New York-based private equity firm.