WICHITA, KS— Veteran apartment and extended-stay property developer Jack DeBoer is confident his newest creation, Value Place, can have success at the low end of the extended-stay marketplace and he is backing his belief in the ground-breaking lodging concept with his own money. Convinced that when you have supreme confidence in a commercial undertaking you should not necessarily need partners, DeBoer nonetheless did surround himself— and staff his fledgling organization— with hand-picked, time-tested-and-proven business talent, many of whom have a history with the former Residence Inn/Summerfield Suites/Candlewood Suites developer. Together, they have already embarked on DeBoer’s stated mission of making Value Place “the low-cost market leader— wherever we’re located.” As such, the company’s inaugural property— the 104-unit Value Place facility here— is clearly setting the pace for all those yet to come. Opened this past December, this all-suite “prototype” for ensuing corporate-owned as well as franchised properties was “value-engineered as a four-story, interior-corridor, elevatored building,” according to DeBoer. As for how well it works, the Value Place Chairman noted: “The property stabilized in less than 90 days, and its occupancy level is currently running north of 95%.” Driving these results, he said, are rates starting at $149 per week (and $199 per week double/double)… and the avowed commitment “never to sell by the day.” In terms of what that weekly price buys, DeBoer explained each unit includes: a full kitchen with microwave oven, cook tops, refrigerator and garbage disposal, high-speed Internet access; 30-channel cable television, with HBO; and all the usual furnishings one normally needs for business and/or leisure purposes. With the first property already open, and some 16 more facilities reportedly currently under development, Value Place is positioned as an alternative to furnished rental apartments and hotels, and residents can select from three suite options: studio; studio sleeper; or double-double studio (see sidebar). According to DeBoer, the secret to the property’s success is really no great secret at all. “I believe you have to provide value, low price, and clean accommodations. What’s more,” he added, “ I don’t believe low cost has to equate to low quality. What I do believe, however, is that if you can’t afford to do it right, you shouldn’t do it at all.” Along the lines of what it costs to “do it right,” DeBoer maintained he’s found the typical project cost to run about $3 million all in, or less than $30,000 per key. (Of course, he admitted these numbers are subject to the economics of a particular location.) “However,” DeBoer noted, “we’re targeting a margin of between 14.5% – 16% clear, after management and all FF&E expenses… and we’re getting it [at our Wichita North location].” As for what kind of magic it takes to make this concept pay off, the veteran hotel developer explained: “Each Value Place is designed to be run by an average of just three-and-a-half people. What’s more, the facility is run much more like an apartment complex than a hotel— there are no desk personnel available on Sundays, and housekeeping services are provided just once every two weeks.” (He added there is an additional charge if the guest/resident wants such services on a more frequent basis.) On the other hand, those checking into a Value Place can expect all the quality one normally finds at a hotel…but without the usual hotel frills, DeBoer said. To this end, he pointed out there is very little common area or public space, beyond the check-in desk area, laundry facilities, and an area housing various vending machines. Given this profile, it would seem DeBoer is bent on doing precisely what so many in the industry fear: commoditizing the lodging experience. However, that’s not totally the case. “Branding is definitely an important part of the hotel/lodging mix; it’s how one differentiates between seemi