LivAway Suites Continues Expansion Despite Tight Credit Market
Salt Lake City, UT
LivAway Suites Continues Expansion Despite Tight Credit Market
Salt Lake City, UT
PR Newswire:
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.
About Sandpiper
Based in Richmond, Va., Sandpiper, LLC is a nationally-focused real-estate investment organization recognized as one of the leading companies specializing in extended stay lodging properties. The company continues to develop its portfolio through ground-up development and selective acquisition of performing and non-performing properties. Sandpiper owns a total of 39 hotels under the Candlewood Suites (IHG), Courtyard (Marriott), ECHO Suites (Wyndham), Premier Suites (Extended Stay America), Residence Inn (Marriott), RiseWell Kitchen Suites (Sandpiper), Suburban Studios (Choice), and WoodSpring Suites (Choice) brands.
Sandpiper Hospitality ("SH"), an affiliated hotel management company, manages the entire Sandpiper portfolio and manages 30+ more hotels for unaffiliated third parties. SH has earned its position as the leading operator in the extended stay hotel segment of hospitality by combining the spirit of genuine, welcoming hospitality with superior financial returns, fueling the growth and prosperity of its various stakeholders – from associates to guests to owners and investors. For more information, visit www.sandpiperhospitality.com.
