The franchisee, New River Holdings of Kansas City, Mo., will own and manage this new hotel-apartment property.  It is expected to open by mid-summer.

Value Place is a new lodging concept launched by industry visionary Jack DeBoer. DeBoer also founded Residence Inn, Summerfield Suites and Candlewood Suites. DeBoer has dubbed the new concept "short-term residential lodging." Three Value Places are already open in Wichita, Kan., and Oklahoma City. More than 45 others are under development.

"Jack DeBoer -- and his brands -- are proven winners," says Dave Martin, president of New River Holdings. "We've received tremendous support from the franchise team. That will be key to our success since we're new to the hotel industry."

The 120-unit property is located at 11301 Colorado Avenue, just off U.S. Highway 71 and south of Grand View Triangle, a growing residential and business district. Weekly rates will start at $159.

Value Place is a hotel and apartment hybrid, a unique lodging approach that benefits franchisees and residents alike. Franchisees enjoy lower start-up and operating costs, which yield greater potential revenue per square foot compared to traditional rental properties. Residents get clean, safe and low-cost accommodations for weekly or longer stays.

Potential franchisees -- hotel owners, real estate and apartment developers and general investors -- can benefit from the new brand's investment potential and operating efficiencies.

Many Value Place residents are business owners, contractors and others who need temporary lodging for job assignments, or individuals who need short-term housing. Value Place plans to be the national low-cost provider of safe, clean, apartment-style lodging. Residents can choose from three standard room options: studio, studio sleeper and studio double.

Company founder DeBoer -- in addition to inventing the extended-stay hotel concept and founding three successful hotel brands -- developed more than 16,000 apartments. In the 1970s, he was the nation's second largest apartment developer. DeBoer considers Value Place to be his best real estate investment yet. It is his first venture in the economy-lodging segment -- one he feels is greatly lacking in suitable, affordable accommodations.