Hotel Chain Opens Targeting Foreclosed Residents

Published 02/23 2011 03:45PM

Updated 02/23 2011 03:45PM

LAS VEGAS -- A new chain of extended stay hotels is opening up in Las Vegas. At a time when business is tough for some, the company says Las Vegas has what it needs to thrive.

Executives for Value Place say Nevada has opened up a new market for them because of all the foreclosures in the valley.

Typically, Value Place tends to open up near military bases and go after that type of guest. But with all the foreclosures in Las Vegas, more and more of these people are turning to extended stay hotels. 

"I am not working full time right now so my mother gets Social Security, so that pretty much covers our living arrangements and everything else we make contributes to that," said extended stay resident Elliott Benton.

Benton's situation is one of many different cases out there. Value Place is seeing more and more people who are losing their jobs, losing their homes, and trying to get by. The opening offers extended stay options with rooms that fully are fully furnished for a weekly cost of $189.

CEO Greg Kassover says the economy is bringing them more guests and more reason to open up in Las Vegas.

"It's not something that we had planned on, but this recession has beat everyone up a little bit and clearly Las Vegas has had it's ups and downs. And so as homeowners and spouses come displaced, Value Place is clearly an option," he said.

Ten locations are expected to open around Las Vegas with about 200 rooms each.

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