US: The latest figures from Highland Group reveal that extended stay hotel RevPar in the US is on an upward curve.
RevPar exceeded its 2007 nominal high in 70 per cent of the 100
largest hotel markets in the US in 2013. RevPar declines in 2013
compared to 2012 were reported in 20 per cent of the country's
Nationally, extended-stay rooms under construction approached 17,000 units, the highest level since 2009. In the 100 largest hotel markets more than 11,500 extended stay rooms were under construction at the end of 2013. Highland Group says room supply is expected to increase by about four per cent in 2014 but in more than half of the 100 largest markets no new rooms are under construction.
The report studied a wide range of branded and independent US extended-stay operators at the upscale, mid-price and economy segments. It defines an extended-stay hotel as a property with a fully equipped kitchenette in each guest room, which accepts reservations and does not require a lease. Extended-stay is defined as a stay of five nights or longer.
The US Extended-Stay Lodging: 100 Largest Markets 2014 is available from the Highland Group for $495.