LivAway Suites, a premium economy extended-stay hotel brand, has broken ground on two more properties, located in Richland, WA and Missoula, MT.
Both locations are expected to open in 2024. These are the third and fourth groundbreakings so far this year in the brand’s 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, CEO, 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.”
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, 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.”
Keystone is currently underwriting other LivAway Suites locations that are expected to break ground later this year and into 2024.
