The company said the capital would allow it to expand to at least 50 new locations and extend its existing franchise base.
LG made the investment from its $4.6bn third buyout fund which it raised in 2009.
Value Place, which offers economy extended-stay lodging, currently has 181 locations open in 32 states.
Since opening the first Value Place property in 2003, 50 franchise groups have committed to build over 300 properties by 2015.
LG’s most recent reported purchase was the Netherlands-based Plasticum Group through its Lindsay Goldberg Vogel arm.
The firm has about $10bn of assets under management across three fund vehicles.
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