By Hotel Business
August 24, 2018
ATLANTA—The Highland Group has released its “2018 U.S. Extended-Stay Lodging: Mid-Year Report.” According to the findings, extended-stay hotels continue to absorb record levels of new rooms while maintaining occupancy above their long-term average.
“Continuing a four-quarter trend of demand growing faster than supply, extended-stay hotel occupancy reached one of its highest second quarter levels in 17 years,” said Mark Skinner, partner at The Highland Group. “More than 30,000 new extended-stay rooms opened over the past year, but demand growth was strong enough to lift average occupancy and continue ADR growth. Extended-stay hotel RevPAR increased 4.4% in the second quarter of 2018 compared to the same period in 2017.”
