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Report: Extended-stay supply grows 3.1 percent in July, tops two-year average - 0 views

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    EXTENDED-STAY ROOM SUPPLY grew 3.1 percent in July, outpacing the average monthly increase over the past two years, according to The Highland Group. The rise is partly due to WaterWalk by Wyndham, a mid-priced extended-stay brand added to the database in May 2024 after affiliating with Wyndham. July marked 34 consecutive months of supply growth at 4 percent or less, with annual supply changes under 2 percent for two years-both well below the long-term average, the report said. "July was an exceptionally good month for extended-stay hotels which outperformed the overall industry and the economy segment reported a monthly RevPar gain for the first time in more than one year," said Mark Skinner, The Highland Group's partner. The U.S. Extended-Stay Hotels Bulletin for July 2024 reported a 13.9 percent rise in economy extended-stay supply, with smaller gains in mid-price and upscale segments, largely due to conversions. New construction in the economy segment accounts for about 3 percent of rooms open compared to last year.
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