Morse checks into St. Charles with Value Place hotel
St. Louis Business Journal - by Lisa R. Brown
Value Place, a Kansas-based extended-stay hotel chain, has its sights set on St. Louis as a growth market.
The company has Value Place hotels under construction in St. Charles and Arnold and has 17 additional properties planned for the metro area.
Gina McKee, vice president of development for Wichita, Kan.-based Value Place, said the hotels will be a mix of company-owned and franchise-owned locations. The cost of the hotel properties range between $3.2 million and $6.3 million.
The new 121-unit Value Place at 2100 Old Highway 94 in St. Charles will be completed in two months. Franchisee MCR Development LLC, led by Tyler Morse, owns it.
A 124-unit company-owned Value Place at 888 Arnold Commons Drive in Arnold will open next June.
Value Place is going through the permitting process for a hotel at I-70 and Belleau Creek Road in St. Peters and at I-64 and Boone’s Crossing in Chesterfield. The chain also is looking for additional sites in Dardenne Prairie, St. Peters and elsewhere on both sides of the Mississippi River, McKee said. Licensing agreements for franchisees cost $49,600 per trade area, in addition to a 5 percent royalty on room revenue.
Value Place opened its first hotel property in Wichita in 2003 and has since grown to 117 properties in 28 states.
lrbrown@bizjournals.com
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