US: Economy extended-stay brand LivAway Suites has begun work on its third and fourth projects, located in Richland (Washington) and Missoula (Montana).
The LivAway brand is trademarked by development company West77 Partners. The first LivAway project in Smyrna, Nashville broke ground earlier this year in March followed by a second site West Jordan, Utah a month later.
Recently this September, the company has begun work on two new properties in Washington and Montana – planned for 126 rooms each and expected to open in 2024.
According to the LivAway website, the pipeline includes locations in Phoenix (Arizona), Denver (Colorado), Portland (Maine), and more. Additional locations are being sought in Charleston (South Carolina), Chicago (Illinois), Fort Myers (Florida) and more.
Keystone National Group provided LivAway with $85 million in debt financing for its 2023 groundbreakings.
Taylor Jackson, managing partner of Keystone, said: “The economy extended-stay segment performed incredibly well during the pandemic and the great financial crisis. LivAway Suites capitalises 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.”
Mike Nielson, CEO of LivAway Suites, said: “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.
“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,” he added.
More than 25 LivAway projects are in various stages of development across the country.
