Home / Lodging Daily News
DailyNews

For the past four quarters, demand grew faster than supply for extended-stay hotels in the United States. Continuing that trend, extended-stay occupancy reached one of its highest second-quarter levels in 17 years, according to The Highland Group’s 2018 Mid-Year Extended-Stay Lodging Market Report. 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 percent in the second quarter of 2018 compared to the same period in 2017.

“Extended-stay hotel occupancy above its long-term average and the strongest demand growth trend since the post-recession recovery provide a solid foundation to absorb the record number of new rooms under construction,” says Mark Skinner, partner at The Highland Group.

PHOENIX—On August 15, 2018, InnSuites Hospitality Trust, through InnSuites Hotels, Inc., entered into an agreement to sell its wholly-owned subsidiary, IBC Hotels to a wholly-owned subsidiary of OBASA Capital Investments, Inc., an independent third-party purchaser. The sale was completed, with funds being received by IHT, on August 16, 2018. The sale price and terms were not disclosed.

IBC provides proprietary software, exclusive marketing services, and distribution to a network of approximately 2,000 unrelated hospitality properties under the names InnDependent Boutique Collection, IBC Hospitality Technologies, and IVHTravel.com. Additionally, IBC provides software and solutions to a variety of branded hotels through IBC’s patent-pending loyalty program.

Jackie Lee will assist in growing a portfolio of properties as vice president of hotel investments for The Dow Hotel Company (DHC). Before DHC, Lee worked in a handful of different positions for Interstate Hotels & Resorts, where she strategically developed Interstate’s portfolio in the United States.

Take a look at other notable comings and goings that took place this week here.

PORTSMOUTH, N.H.—Analysts at Lodging Econometrics (LE) recently reported that in the second quarter of 2018, the top franchise companies with the largest construction pipelines are Marriott International with 1,351 projects/177,743 rooms, Hilton Worldwide with 1,327 projects/147,728 rooms, and InterContinental Hotels Group (IHG) with 932 projects/95,018 rooms. Development projects in these three franchise companies account for 66 percent of the total number of rooms in the U.S. construction pipeline.

The largest brands for each of these companies are Marriott’s Fairfield Inn with 284 projects/27,584 rooms, Hilton’s Home2 Suites by Hilton with 384 projects/40,240 rooms, and IHG’s Holiday Inn Express with 430 projects/40,162 rooms. These three brands alone make up 17 percent of the total construction pipeline rooms.

Other high volume brands in the pipeline for each of these franchises are: Marriott’s TownePlace Suites with 201 projects/20,737 rooms and Residence Inn with 190 projects/23,443 rooms; Hilton’s Hampton Inn and Suites with 302 projects/30,700 rooms and Tru by Hilton with 298 projects/28,776 rooms; and IHG’s Staybridge Suites with 143 projects/15,206 rooms and avid hotel with 121 projects/11,187 rooms.

Timothy Ford has been appointed president of Lodging Econometrics and New England Hotel Realty. Ford was most recently executive vice president of the same companies. In his new role, Ford will be responsible for creating new business partnerships, incorporating the latest online technology into the companies’ research, and creating new business development programs.

Take a look at other notable comings and goings that took place this week here.

Amanda Elder has been promoted to chief commercial officer of Kempinski Hotels, where she will be responsible for business development. Prior to her new position, Elder served as vice president of sales and marketing for the China region and senior vice president of business development for worldwide operations.

Read about this week’s notable hospitality comings and goings here.

Scroll To Top
CLOSE
CLOSE