The Highland Group Releases November 2020 Performance For Extended-Stay Hotels
December 23, 2020
Extended-stay hotels reported a 23.7% decline in room revenues in November 2020 compared to November 2019. The corresponding fall in overall hotel room revenues was 53.5% according to STR. Contractions in extended-stay hotel occupancy and ADR were also far less than the overall hotel industry, leading to a 23 percentage point occupancy premium over all hotels.
“For extended-stay hotels November 2020 was a resumption of the trend in reporting lower RevPar losses compared to the previous month and the segment’s occupancy premium reached a new record high” says Mark Skinner, Partner at The Highland Group.