Economy extended stay is a real estate niche most people never think about. Michael Nielson, founder and CEO of West77 Partners and LivAway Suites, left his family’s 20,000-unit multifamily business to build a vertically integrated platform focused on economy extended stay — a category he says operates closer to multifamily than to traditional hotels.

McGuireWoods partner and host Phil Coover talks with Michael about the staffing efficiencies that allow these properties to run on a fraction of a typical hotel’s headcount, the market data behind site selection and the in-house construction company that keeps every build on budget. Michael also explains why West77 favors long-term holds over quick flips and how employee ownership keeps everyone aligned.