WICHITA, KS— HOTEL BUSINESS® has learned Whitt Properties, a real estate development firm based in Ft. Smith, AR, has the first new Value Place property under construction in Bentonville, AR, with plans to build a total of seven in four states, making Whitt the first franchisee for the new hotel-apartment concept launched by industry veteran Jack DeBoer. DeBoer had opened the first company-owned Value Place property in October 2003, and started franchise services in May. He’s termed the concept “short-term residential lodging.” According to company, prior to founding Residence Inn in 1975, DeBoer was the second-largest apartment developer in the United States. Under the terms of the agreement, Whitt will develop properties over the next three years in Bentonville and Little Rock, AR; Memphis,TN; Reno, NE; and Addison, TX. Whitt will own and manage the properties. Storm Nolan, Whitt Properties vp/development, said the company “wanted to get in on the ground floor of another successful Jack DeBoer project.” Whitt Properties owns or manages a wide variety of other real estate investments, including hotels, storage facilities, convenience stores, a shopping center and a business park. Chris Whitt, president, founded the company in 1998. Value Place has headquarters here, where two company-owned properties are open with more than 20 others under development.— Stefani C. O’Connor
