Quarterly extended-stay hotel room revenues exceeded $3 billion for the first time as the segment absorbed over 26,000 new rooms during the past year, according to a new mid-year report on extended-stay lodging from The Highland Group. Some of the strongest demand growth in more than a decade maintained occupancy, stabilized decelerating ADR growth and kept RevPAR increases well ahead of inflation for the sixth consecutive quarter, the company said.
Mark Skinner, partner at The Highland Group, commented: “The exceptionally good extended-stay hotel performance in 2017 is most welcome as rooms under construction climb to almost 50,000.”
