The largest independent franchisee for Value Place LLC says it has pulled back on construction of the extended-stay hotels as credit has dried up.
“Everybody’s really stopped in terms of development cycles,†says Bill Johnston, chief operating officer for Maitland, Fla.-based Liberty Lodging LLC.
The company has plans to build 100 Value Place hotels across the country. It has opened 22 hotels during the past two years with three more scheduled for completion by the end of the summer.