US: Preliminary data for economy extended-stay hotels indicates a 10 to 15 per cent RevPar decline in March 2020 compared to March 2019.
Occupancy is likely to be down around 10 per cent and ADR is expected to show less than a five per cent decline. This compares with the overall hotel industry which has a 49 per cent RevPar decline for the running 28 day period ending March 28, according to STR.
“Economy extended-stay hotels have demonstrated resilience against previous crises. Early data indicates the segment is suffering far less RevPar decline than the overall hotel industry amidst Covid-19,” said Mark Skinner, partner at The Highland Group.
The Highland Group will have more extended-stay hotel performance data later this week and Mark Skinner is part of a podcast hosted by Glenn Haussman at Hotel Interactive on Wednesday April 8 at 12pm EDT. You can access the podcast here.
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