Whitt Properties builds Value Place in Bentonville

Whitt Properties will build seven new Value Place properties in four states, with the first property now under construction in Bentonville, Ark. The company is the first franchisee for the Value Place hotel-apartment concept launched by Jack DeBoer.

Whitt Properties is a real estate development firm based in Ft. Smith, Ark.

DeBoer - who also founded Residence Inn, Summerfield Suites and Candlewood Suites - opened the first company-owned Value Place property in October 2003.

He announced Value Place Franchise Services in May 2004, dubbing the new concept "short-term residential lodging."

Prior to founding Residence Inn in 1975, DeBoer was the second-largest apartment developer in the United States.

"We were immediately impressed with the uniqueness of Value Place and its profitability potential," said Storm Nolan, Whitt Properties vice president of development "We wanted to get in on the ground floor of another successful Jack DeBoer project."

Value Place is a hotel and apartment hybrid where franchisees enjoy lower start-up and operating costs, which yield greater potential revenue per square foot compared to traditional rental properties. Residents get low-cost accommodations for weekly or longer stays.

Under the terms of the agreement, Whitt will develop properties during the next three years in Bentonville and Little Rock, Ark.; Memphis, Tenn.; Reno, Nev., and Addison, Texas. Whitt will own and manage the properties.