Premium economy extended-stay hotel brand LivAway Suites has broken ground on two new properties in the US states of Washington and Montana.

The hotels are expected to open in 2024, making them the third and fourth ground-breakings for the brand this year.

LivAway Suites CEO Mike Nielson said: "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."

"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 programmes that streamline the development process."

Keystone National Group, headquartered in Salt Lake City, Utah, has provided the funding for the construction of both locations.

Keystone National Group partner Taylor Jackson said: "LivAway Suites capitalises 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."

It intends to continue offering financial support for LivAway Suites across the country.

Currently, Keystone is underwriting additional LivAway Suites properties that are set to begin construction later this year and in 2024.

LivAway Suites has over 25 projects in progress across the country.