LivAway Suites™ Continues Expansion Despite Tight Credit Market

News provided by

Sep 06, 2023, 09:35 ET

The developer-centric economy extended-stay hotel chain breaks ground on two more sites within first six months of brand launch

SALT LAKE CITY, Sept. 6, 2023 /PRNewswire/ -- LivAway Suites™, the rapidly expanding premium economy extended-stay hotel brand, has broken ground on two more properties, located in Richland, WA, at 1289 Tapteal Drive, and Missoula, MT at 3455 W Broadway Street. Both locations are expected to open in 2024. Richland and Missoula are the third and fourth groundbreakings so far this year in the brand's rapidly growing portfolio.

"Notwithstanding the latest tightening in the credit markets, our plan is to continue developing LivAway Suites™ across the country over the next few years either through our own development or via strategic partnerships with other developers," said Mike Nielson, Chief Executive Officer of LivAway Suites™. "A combination of the Federal Reserve's interest rate hike campaign and the regional banking crisis has forced some hotel developers to cancel or postpone projects. Real estate development is tougher today than it was two years ago, and LivAway's goal is to make the process easier for ourselves and our development partners via a low fee structure and support programs that streamline the development process," said Nielson.

Keystone National Group, based in Salt Lake City, provided the construction financing for both the Washington and Montana locations and plans to continue providing a financing platform for LivAway Suites™ hotels nationally.

"The economy extended-stay segment performed incredibly well during the pandemic and the great financial crisis," said Taylor Jackson, partner at Keystone National Group. "LivAway Suites™ capitalizes on that recession-resilient operating model with better aesthetics, smart technology, and a developer-centric platform. As a capital provider, we also appreciate the low fee structure of LivAway Suites™ compared with the higher fees typically charged by other brands," said Jackson.

Keystone is currently underwriting other LivAway Suites™ locations that are expected to break ground later this year and into 2024. With 25+ projects in various stages of development across the country and strong capital backing, LivAway Suites™ may be one of the few growing brands during this tumultuous time in the credit markets.

To learn more about LivAway Suites, visit www.livawaysuites.com

ABOUT LIVAWAY SUITES
Based in Salt Lake City, UT, LivAway Suites is a new economy extended-stay hotel brand with a developer-centric business model and hotel design that helps our guests feel more at home while away. The brand is built on understanding the importance of offering guests everything they need and nothing they don't™, with straightforward services and pragmatic amenities that offer livability and comfort at an affordable rate. Built on a foundation of for developers, by developers™, LivAway Suites is poised to disrupt the traditional hotel franchise model through transparent pricing and an improved ROI. For more information, visit www.livawaysuites.com.

SOURCE LivAway Suites