Dan Weber is out as Value Place CEO

WICHITA — Two and a half years after taking over at Value Place, Dan Weber is out as CEO.

“It really was Dan coming to the conclusion of the things he set out to do,” says Kyle Rogg, president and COO.

“He really came in with a lot of structured finance background with the goal of getting a lot of capital in the company and completing some big acquisitions,” Rogg says.

He says Weber and Value Place’s board decided it was time to move to “less of a financial-based CEO and more of a hotel-oriented CEO.”

“It was a joint decision,” Rogg says. He says Weber has “had such a dramatic and positive impact on the standing of the company. I just don’t want it to be perceived as anything other than that.”

Rogg says Weber negotiated the acquisition of Perry Capital minority interest in Value Place, which positioned the company to attract capital from a new partner.

That happened late last year when Value Place founder Jack DeBoer did a deal with New York-based private equity firm Lindsay Goldberg, which is investing more than $100 million in the chain of extended-stay properties and short-term apartments.

“Dan was very, very instrumental … given his background,” Rogg says.

Previously, Weber was with RED Development, a commercial real estate firm, and Cole Real Estate Investments before that.

Rogg won’t discuss specific numbers, but when asked how Value Place is doing, he says, “Great shape is the short answer.”

“We’re well prepared for a new phase of growth,” he says. “We are in the best shape financially that the company has ever been. We have access to more capital for future growth than we’ve ever had.”

There are 186 Value Place properties, 74 of which the company owns. There are three more corporate properties in the works along with several franchises.

Rogg credits Weber with a lot of those numbers.

“What we’ve not made major announcements on is that he also was the point on acquiring 30 different hotels,” Rogg says. All but one of those has been this year.

DeBoer started the company in 2003 with his first Value Place on K-96 in Wichita.

Neither DeBoer nor Weber could be reached for comment.

It doesn’t sound like Rogg is throwing his hat in the ring to be CEO.

“I’m not looking for that position,” he says. “I definitely have my hands full in my current role.”