What's Happening?
LivAway Suites has opened its third location in Utah, situated in Vineyard, marking the brand's ninth property nationwide. This expansion is part of LivAway Suites' strategy to provide extended-stay accommodations in rapidly growing U.S. markets. Utah County, where Vineyard is located, has seen significant population growth, with an increase of 21,853 residents between July 2023 and July 2024. This growth is driven by job creation, in-migration, and housing development, resulting in a current population exceeding 750,000. The new LivAway Suites aims to cater to the demand for flexible lodging options, particularly from institutions like Brigham Young University and Utah Valley University, and major employers such as Qualtrics and Vivint.
Why It's Important?
The opening of the new LivAway Suites location in Vineyard is significant as it addresses the increasing demand for extended-stay accommodations in a rapidly growing area. This development is likely to benefit various stakeholders, including travelers in the workforce, academia, and healthcare sectors. The expansion reflects confidence in the region's economic growth and the potential for further development. Additionally, the success of LivAway Suites' business model, with its portfolio performing ahead of projections, reinforces investor and developer confidence, potentially leading to more investments in similar projects.
What's Next?
LivAway Suites has indicated plans for further expansion, with additional openings expected across the country by 2026. This suggests a continued focus on tapping into growing markets and meeting the demand for extended-stay accommodations. The company's ongoing success may encourage other hospitality brands to explore similar strategies, potentially leading to increased competition in the extended-stay market.
