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Nakota Development opens first Value Place franchise in burgeoning Bakken region of North Dakota

October 5, 2012

WILLISTON, N.D. - (October 5, 2012) --Nakota Development Company, a full-service real estate development and management company based in Jacksonville, Fla., officially opened its first Value Place location here last week.
 
Nakota Chairman/CEO Art Cahoon officiated a Sept. 25 grand opening ceremony attended by Value Place corporate executives, staff of the new property and representatives of the Williston Chamber of Commerce. The new two-building property is the first of multiple economy extended-stay sites that Nakota, a Value Place franchisee, plans to open in North Dakota’s Bakken region.

Cahoon approached Value Place about developing the region after observing companies flocking to North Dakota to participate in oil exploration. He found Value Place’s affordable extended-stay concept, combined with its franchise program, to be the best model to answer growing demand for temporary housing and facilitate expansion in the market.

"Williston and the entire Bakken region represent fertile ground for development of affordable extended-stay lodging," said Cahoon. "Many businesses associated with the energy industry are amassing here, bringing a growing number of temporary residents to set up local operations and transplants moving here to run them who haven’t yet found a permanent home. Value Place offers such individuals a simple, safe, affordable and flexible solution to their lodging needs and will let us establish ourselves as the preferred affordable provider of extended-stay lodging and services. We’re very encouraged by the early signs here and are already commencing with development of our next property."

The new Williston property will not only cater to those involved in energy exploration. Value Place is the perfect fit for any individuals, "away teams" or families who need affordable, long-term lodging. CEO Dan Weber said high demand from such individuals exists in markets throughout the United States, and Value Place is looking for more sophisticated partners like Cahoon to develop properties to accommodate them. Value Place Debuts Franchise Property in Williston, N.D.
 
"Art Cahoon is part of a diverse group of smart, talented investors that have joined our franchise system," said Value Place CEO Dan Weber. "Some of our franchisees are experienced hotel developers, while others are experts in outside industries, adding new perspectives that constantly help us progress. We feel we offer them a strong investment opportunity, a position that is highlighted by our recognition as a Top 50 Franchise by Franchise Business Review’s Franchisee Satisfaction Awards six times since 2004, and by USA Today in 2010 as a recession-resistant business. We look forward to welcoming others like Art into our system and to working together with them to help expand the Value Place Brand."

Value Place Williston ribbon cutting
Art Cahoon, chairman and CEO of Nakota Development Company, conducts the ribbon-cutting ceremony at his company’s first Value Place franchise. Joining Cahoon are (from left): Roxy Raymond, Administrator of the Supported Employment Program of the North Dakota Department of Human Services’ Vocational Rehabilitation Program, representing the Williston Chamber of Commerce; Value Place COO Kyle Rogg and CEO Dan Weber; Tom Rolfstad, Executive Director/Director of Economic Development, City of Williston; and Chamber of Commerce representatives Richard M. “Rick” Braaten, Senior Vice President/Chief Lending Officer for American State Bank and Trust Company; Fran Zerr, Customer Service Specialist with the North Dakota Job Service’s Williston office; and Lauren Furlong, Occupational Health Coordinator with Fairlight Medical Center.