What's Happening?
LivAway Suites has announced the opening of its third location in Utah, situated in Vineyard. This marks the brand's ninth property nationwide since its inception in 2023. The new site 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, adding 21,853 new residents between July 2023 and July 2024. This growth is driven by job creation, in-migration, and housing development, resulting in a population exceeding 750,000, a 13% increase since 2020. The demand for flexible lodging options is rising due to the presence of institutions like Brigham Young University and Utah Valley University, as well as major employers such as Qualtrics and Vivint.
Why It's Important?
The expansion of LivAway Suites in Vineyard, Utah, highlights the increasing demand for extended-stay accommodations in rapidly growing regions. The significant population growth in Utah County underscores the need for flexible lodging solutions, catering to a diverse range of travelers, including those in the workforce, academia, and healthcare. LivAway Suites' focus on the 'upper-economy' extended-stay market, with amenities like fully equipped in-room kitchens, positions it well to meet this demand. The company's successful performance ahead of projections has bolstered investor and developer confidence, indicating a robust business model and potential for further expansion.
What's Next?
LivAway Suites plans to continue its expansion, with additional openings expected across the country by 2026. This growth strategy aims to capitalize on the increasing demand for extended-stay accommodations in burgeoning U.S. markets. The company's ongoing success may attract further investment and development opportunities, potentially leading to more locations and enhanced services to meet the needs of its diverse clientele.
