According to a market study by The Highland Group, extended-stay hotels in the U.S. reported increased occupancy for the first time in eight quarters, despite more than 25,000 new extended-stay rooms opening in the past year.
BETHESDA, Maryland -- 15 May 2017 -- Reversing an eight-quarter trend of declining occupancy, extended-stay hotel rose and reached one of its highest first quarter levels since 2006. More than 25,000 new extended-stay rooms opened over the past year but demand growth was strong enough to lift average occupancy and stabilize the deceleration of growth in ADR. Extended-stay hotel RevPar increased 3.7% in the first quarter of 2017 compared to the same period in 2016.
“Extended-stay hotel occupancy above its long-term average and the strongest trend in demand growth in a dozen years provides a solid foundation to absorb the record number of new rooms under construction,” says Mark Skinner, Partner at The Highland Group.
The 2017 First Quarter US Extended-Stay Lodging Market Report is the most comprehensive information available on this sector of the lodging industry. Complimentary copies of the report are available to the press at email@example.com.
The above is a news release written by a third party. While HNN’s editorial mission is to produce unique content, it occasionally publishes timely, newsworthy news releases to complement in-house reporting efforts. All news releases are clearly marked as such. For questions and clarification, please contact Editor-in-Chief Stephanie Ricca at firstname.lastname@example.org.