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Extended-stay hotel development agreement executed

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Value Place, the largest economy extended-stay hotel brand in the U.S., has signed a long-term development contract with Holladay Properties to build multiple hotels in the Chicago Area.

Holladay Properties has entered into an exclusive development agreement with Choice Hotels (which acquired the Value Place Franchise Services, LLC brand), which includes the construction of 15 hotels in the Chicagoland area within the next 60 months, with the potential to build additional properties. The first hotel is on track to break ground this spring.

“[WoodSpring Suites] represents a strategic expansion of Holladay’s hotel portfolio” said Tim Healy, Senior VP and Partner at Holladay Properties. “We were attracted to the [WoodSpring Suites] brand based on its strong executive leadership team and our shared core values.”

Holladay’s Northwest Indiana office will lead the site selection and development effort and will self perform its architectural services. “Prioritizing sites and gauging entitlement lead times will be the more challenging aspects of meeting the aggressive development schedule,” commented Healy.

Holladay has earned multiple development honors over the years. Most recently, the firm won the prestigious NAIOP-Indiana “2013 Developer of the Year” award. The award was a nod to Holladay’s numerous development projects in the state, including Bass Pro Shops, multiple AmeriPlex branded business parks, hotels and commercial office space.

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