By Adrian Maties, Associate Editor
The newly constructed property is located at 20829 Emerald Parkway, close to the Hopkins International Airport. Value Place did not disclose the cost of the project. Although the hotel opened to the public on Oct. 10, the company said it will hold a ribbon-cutting ceremony on Oct. 23.
According to Value Place, extended-stay hotels are an appealing option for government employees, construction workers, business travelers and other people with jobs that require them to travel and stay for extended periods of time. The company’s new Cleveland hotel has 124 rooms, on four stories. It offers laundry facilities, free Wi-Fi, kitchens and many other amenities. On its website, Value Place says rooms in the hotel cost between $250 and $310 per week.
“This new hotel is conveniently located for our business travelers near the Hopkins Airport,” Kyle Rogg, president & COO at Value Place, said in a statement for the press. “As evident through our recent flurry of grand openings across the country, demand for economy extended-stay hotels is on the rise.” Value Place has nearly 190 hotels in 32 states.
According to Marcus & Millichap’s midyear hospitality report, hotels in the Midwest region—which consists of Ohio, Illinois, Wisconsin, Indiana and Michigan—are still on course to post stronger results in 2014, in spite of the severe weather that hindered travel early this year. Room demand in the area increased by 3.2 percent in the first half of 2014, with overall occupancy rising to 57.9 percent.
The state of Ohio saw an increase of 3.1 percent in room demand, and its occupancy also reached 57.9 percent. Marcus & Millichap predicts that by the end of the year occupancy in the Midwest will reach 59.9 percent.Photo credit: Value Place Charts courtesy of Marcus & Millichap