Report: New records set for extended-stay hotels in the third quarter - 0 views
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asianhospitality on 16 Nov 22U.S. EXTENDED-STAY HOTELS set new performance records for demand, ADR and RevPAR in the third quarter of 2022, according to a report from The Highland Group. However, rate resistance is growing at lower price points as recession fears loom. The "U.S. Extended-stay Hotels: Third quarter 2022" report by the Highland Group said that the economy extended-stay segment reported six consecutive months of demand drop and two successive quarterly falls in occupancy in the quarter ending September. "Mid-price extended-stay hotels reported first quarterly decline in occupancy since fourth quarter of 2020. Excluding the last 15 months, extended-stay hotel ADR is still increasing at the fastest rate for 20 years but, like the overall hotel industry, ADR growth continues to decelerate," the report said. "The slowdown in ADR growth is greatest at higher price points although mid-price and upscale extended-stay ADR is still increasing faster than the economy segment."