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EXTENDED-STAY ROOM SUPPLY increased by 1.8 percent in February due to it being a leap year, consistent with the average monthly increase observed over the last two years, according to The Highland Group. February marked 29 consecutive months of 4 percent or less supply growth. Additionally, the change in supply has remained below 2 percent for more than two years, with both metrics significantly falling below the long-term average. The 18.8 percent surge in economy extended-stay supply, along with a modest increase in mid-price segment rooms, is largely attributed to conversions, The Highland Group said. Meanwhile, new construction in the economy segment is estimated at around 3 percent of open rooms compared to a year ago. 2024 first half supply trends Supply change comparisons have been affected by rebranding, segment realignment in The Highland Group's database, and the de-flagging of hotels failing to meet brand standards, along with sales to multi-family apartment companies and municipalities, the report said. This trend is expected to persist into the first half of 2024, particularly with older extended-stay hotels still available on the market.

U.S. HOTEL PERFORMANCE improved in the fourth week of June compared to the previous week, showing positive year-over-year results, according to CoStar. Occupancy, RevPAR and ADR all increased over the prior week. Occupancy increased to 71.9 percent for the week ending June 29, up from 69.5 percent the previous week, showing a 3.2 percent year-over-year increase. ADR rose to $162.81 from $159.88, marking a 3.6 percent increase compared to last year. RevPAR climbed to $117.13 from $111.17 the previous week, reflecting a 6.9 percent decrease compared to the same period in 2023. Among the top 25 markets, Minneapolis recorded the highest year-over-year increases: occupancy rose by 20.1 percent to 74.8 percent, ADR increased by 15.7 percent to $150.42 and RevPAR grew by 39 percent to $112.46. The market's performance was boosted by events such as the U.S. Olympic Gymnastics Trials and the Twin Cities Pride Parade.