Economy Extended-Stay Hotels Post Higher Demand For Second Straight Month
October 5, 2020
Economy extended-stay hotels improved on their 1.2% increase in demand in July 2020 with a 1.9% gain in August compared to one year ago. No other segment of the hotel industry reported an increase in month-to-month demand in the last seven months. Economy extended-stay hotels also posted their smallest monthly RevPar loss since the metric started falling in March.
“Economy extended-stay hotels have consistently reported declining RevPar losses over the last five months. The 4.3% fall in August 2020 was less than 10% of the decline in overall hotel RevPar ” says Mark Skinner, Partner at The Highland Group.