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LIBERTY LODGING CLOSES $360 MILLION VALUE PLACE
DEVELOPMENT FINANCING FACILITY WITH GOLDMAN SACHS
Leading Orlando developer planning more than
100 Extended-stay properties in eight states
WICHITA, Kan., March 20 /PRNewswire/
-- Liberty Lodging LLC -- subsidiary of Liberty
Investment Properties, a Value Place hotel franchisee
based in Orlando, Fla. -- has closed a debt financing
facility of up to $360 million with Goldman Sachs.
The financing supports Liberty's
plan to build more than 100 Value Place extended-stay
properties (http://www.valueplace.com)
in Boston, central Florida, Denver, Indianapolis,
Montgomery, Ala., Providence, R.I., Salt Lake
City and Springfield, Mass. Liberty has launched
an aggressive recruiting and site acquisition
program in support of its plans to develop about
30 properties per year over the next three to
four years.
"The Goldman Sachs facility
confirms our confidence in the Liberty team and
this growth brings us a step closer to building
Value Place as a national brand," says Gina-Lynne
Scharoun, Value Place Franchise Services president.
"Value Place is a unique investment opportunity
that addresses an unmet need among business travelers
and others seeking cleaner, safer economy lodging."
Value Place, based in Wichita,
Kan., is already one of the nation's fastest growing
hotel brands. It now has nearly 560 franchise
commitments nationwide for its extended stay brand.
Value Place offers cleaner, safer,
simpler, affordable lodging for weekly or longer
stays, with weekly rates starting at $169.
Jack DeBoer founded Value Place
and is credited with inventing the extended stay
hotel concept. He also founded Residence Inn,
Summerfield Suites and Candlewood Suites. More
than 40 Value Place extended-stay properties are
now open in Alabama, Arkansas, Florida, Georgia,
Iowa, Kansas, Louisiana, Missouri, Nebraska, North
Carolina, Oklahoma, South Carolina, Tennessee
and Texas. In addition to the 100 properties planned
by Liberty Lodging, about 40 more of the extended
stay properties will be under construction within
the next 90 days. Liberty plans to open its first
Value Place extended-stay property in Orlando
in early 2007.
"We're proud of our team
and pleased to have added Goldman Sachs' financial
support to our expertise as a developer,"
says Mike Mikkelson, Liberty president.
About Liberty Investment Properties
Liberty Investment Properties
Inc. has specialized in commercial real
estate and income property development throughout
the U.S. for more than 15
years. For more information, call (407) 774-8818,
or log onto Liberty's Web
site at http://www.libertyprop.com
.
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