FORMER HILTON CFO JOINS LIVAWAY SUITES

Rhea-AI Summary

LivAway Suites has welcomed Robert M. La Forgia to its ownership group and board, emphasizing growth potential in the extended stay hotel market. La Forgia, a veteran in hospitality with a 26-year history at Hilton Worldwide Holdings (NYSE: HLT), aims to leverage his expertise to enhance LivAway's platform. The brand, designed 'for developers, by developers,' currently has over 25 locations in pre-development across the U.S. Recently, LivAway arranged an $85 million construction debt facility, with groundbreaking for its first Nashville location set for March 2023.

Positive

• Robert M. La Forgia joins LivAway Suites, bringing extensive industry experience.
• Over 25 locations in various pre-development phases indicate strong growth potential.
• $85 million construction debt facility secured to fund new locations.

Negative

• None.

Robert M. La Forgia Joins LivAway Suites Ownership Group and Board In Preparation for Expanded Growth

SALT LAKE CITY, Feb. 23, 2023 /PRNewswire/ -- LivAway Suites™, a new economy extended stay hotel brand boasting a developer-centric platform, has announced Robert M. La Forgia as the newest member of the LivAway Suites ownership group and board. 

La Forgia, principal and CEO of Apertor Hospitality, is a 40-year veteran of the hospitality and real estate industries. His background includes a 26-year tenure with Hilton Hotels Corporation (currently Hilton Worldwide Holdings Inc; NYSE: HLT) where he held a variety of leadership positions including Executive Vice President and Chief Financial Officer. La Forgia is also a member of the RLJ Lodging Trust (NYSE: RLJ) board of trustees.

"La Forgia's extensive industry expertise will help set LivAway Suites on a tremendous growth path and provide strategic direction to enhance our overall platform," remarked Mike Nielson, Chief Executive Officer of LivAway Suites. 

"LivAway Suites brings a differentiated, developer-focused approach that aims to disrupt and innovate the extended stay segment," said La Forgia. "I am looking forward to working with the company's seasoned professionals to proliferate LivAway Suites nationwide and maximize our developer partners' return on investment." 

LivAway Suites, created and designed "for developers, by developers," currently has over 25 locations in various phases of pre-development across the United States. LivAway Lodging Group, a portfolio of LivAway Suites branded hotels, recently announced the arrangement of an $85 million construction debt facility through Keystone National Group, paving the way for the first group of LivAway Suites locations nationally. Its first location in the Nashville metro area is expected to break ground in early March 2023 with additional groundbreakings slated for the coming months. 

To learn more about LivAway Suites, visit www.livawaysuites.com 

ABOUT LIVAWAY SUITES

Based in Salt Lake City, UT, LivAway Suites is a new economy extended stay hotel brand with a developer-centric business model and hotel design that helps our guests feel more at home while away. The brand is built on understanding the importance of offering guests everything they need and nothing they don't with straightforward services and pragmatic amenities that offer livability and comfort at an affordable rate. Built on a foundation of "for developers, by developers," LivAway Suites is poised to disrupt the traditional hotel franchise model through transparent pricing and an improved return on investment. 

For more information, visit www.livawaysuites.com.

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SOURCE LivAway Suites

FAQ

Who is Robert M. La Forgia in relation to LivAway Suites?

Robert M. La Forgia has joined LivAway Suites as a member of the ownership group and board.

What experience does La Forgia bring to LivAway Suites?

La Forgia brings 40 years of experience in hospitality, including a 26-year tenure at Hilton Worldwide.

How many locations does LivAway Suites currently have?

LivAway Suites has over 25 locations in various phases of pre-development across the United States.

What is the significance of the $85 million construction debt facility for LivAway Suites?

The $85 million facility will support the construction of new LivAway Suites locations, starting with Nashville.

When is the first LivAway Suites location expected to break ground?

The first LivAway Suites location in the Nashville metro area is expected to break ground in early March 2023.