WHI Announces Sale of Value Place, Topeka, KS
Warmbrodt Hotel Investments (WHI) announced today they closed the sale of Value Place Topeka, KS. WHI was the exclusive adviser on behalf of the seller. The property was sold to an institutional investor at an undisclosed price. The purchaser will renovate the property to current Value Place standards.
The extended-stay hotel is interior corridor with 4 stories and 105 rooms. Value Place is a uniquely branded premier low-cost extended-stay hotel, specializing in clean and secure weekly lodging with a commitment to comfort, privacy and peace of mind. The highly efficient operating model allows an investor to benefit from the rate adjustability of a hotel but the operating costs of a multi-family apartment building.
“As Value Place continues with corporate and franchise expansion, the investment community is becoming more and more familiar with its high yielding model,” commented Zane Varvel, Vice President of WHI. “The lender remained involved in a new loan, showing the growing appetite banks also have for these assets.”