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Diving knowledge:
The Dewitt Hotel is among five properties LivAway Suites is currently building, following the brand’s launch last spring. Earlier this year, the brand began building properties in Washington, Montana, Utah and Tennessee.
LivAway Suites expects its first hotel to open this summer. The brand also plans to begin construction on 10 additional properties by 2024.
The brand’s expansion coincides with a nationwide uptick in infrastructure investment after the Biden administration approved a $1.2 trillion infrastructure bill through 2021. Spending is expected to “Demand for extended stay hotels will increase dramatically nationally in the coming years,” said Mike, CEO of LivAway Suites. Nielson said in a statement.
Dewitt’s property, in particular, is poised to benefit from this increased spending because Micron Technology, a world leader in semiconductors, is developing a $100 billion semiconductor factory just minutes away. The project will bring approximately 50,000 new jobs to the surrounding community, according to LivAway Suites.
“Upon opening, Micron expects to employ up to 9,000 workers, with another 41,000 jobs created at companies up and down the supply chain that want to locate near the semiconductor factory. All of this equates to more jobs, more people filling those jobs, and ultimately a greater need for extended stay accommodations like LivAway Suites,” Nielson said.
Other hotel players taking note of this demand include Wyndham Hotels & Resorts, which earlier this week said the ongoing “infrastructure-related travel boom” represents an approximately $3.3 billion revenue opportunity dollars for their franchisees.
Wyndham expanded its extended stay portfolio in 2023, adding hotels to its Echo Suites pipeline. Choice Hotels International also grew its extended-stay portfolio last year, with Marriott International and Hilton launching new brands in the space.
