Extended-stay hotels posted the strongest monthly gain in room revenues in 18 months, according to The Highland Group. Although extended-stay hotels underperformed compared to the overall hotel industry in terms of occupancy, ADR and RevPAR gains, October was a very good month for the sector.
Demand growth was the highest since March 2022, extended-stay’s increase in occupancy was the biggest in 21 months, and October’s RevPAR gain was the greatest since June 2023.
“October was a very good month for extended-stay hotels with four record high-performance metrics compared to the last 30 months,” Mark Skinner, partner at The Highland Group, said in a statement.