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EXTENDED-STAY HOTELS reported mixed results in November compared to the broader hotel industry, as supply and demand showed gains and occupancy declined less than the total hotel industry, according to The Highland Group. However, the 2.2 percent net increase in extended-stay room supply for the month, consistent with September and October figures, represents a slight uptick compared to the average over the last 17 months. Also, relatively low ADR growth led to a modest increase in extended-stay hotel RevPAR. Supply growth stayed below 4 percent for the 26th consecutive month in November, well under the long-term average, The Highland Group said. The 13 percent increase in economy extended-stay supply and decline in mid-price segment rooms mainly result from conversions, as new construction in the economy segment is estimated at about 3 percent of rooms open compared to one year ago.

LAS VEGAS HOTEL ADR is anticipated to reach $573 during February 9-11, setting a record for any Super Bowl weekend, according to STR. The research firm also foresees an 87.9 percent occupancy rate for the market from Friday to Sunday night, translating to a RevPAR of $504. Miami set records for the highest Super Bowl ADR and RevPAR in 2020, STR said. However, a significant difference lies in size: Las Vegas, the largest U.S. market with 393 hotels and 172,707 rooms, has more than double Miami's room inventory. "The Super Bowl's unique volume of demand, driven by not only the game but the leadup festivities, as well as the attractions Las Vegas has to offer, is the perfect recipe to drive record-breaking prices," said Chris Klauda, STR's senior director of market insights. "While the F1 Vegas Grand Prix impact was the greatest on and around the Las Vegas Strip, the reach and impact of Super Bowl LVIII will spread to areas well beyond the Strip."

U.S. HOTEL REVENUES and profitability saw an increase in 2023 compared to 2022, with improvements in group business across the top 25 markets and upper-scale chains, according to STR's 2023 P&L data. Overall, 14 of the top 25 markets reported double-digit increases in GOPPAR. "Total industry revenues and profits were well beyond 2022 levels as pricing power continued to outweigh the impact of softer leisure demand," said Claudia Alvarado Cruz, senior analytics manager at STR. "A lift in corporate demand made improvements especially notable across the upper-upscale brands and major markets. New York City was the shining example with 47 percent growth in GOPPAR." In 2023, GOPPAR reached $75.83, marking an 8.2 percent increase from 2022. TRevPAR stood at $211.49, indicating a 9.6 percent rise, while EBITDA PAR amounted to $53.05, up 7.6 percent from the prior year. Labor costs notably increased, reaching $71.56, reflecting a 13.2 percent rise.

TOTAL REVENUES FROM extended-stay hotel rooms fell by 0.2 percent in March, marking the first monthly decline in over three years, according to The Highland Group. However, the revenue decline was smaller than the 1.6 percent contraction estimated by STR/CoStar for the overall hotel industry. Meanwhile, extended-stay room supply increased by 2.7 percent in March, a slight uptick compared to the average monthly growth over the past two years, the report said. This marks the 30th consecutive month of supply growth at 4 percent or less, with the annual change remaining below 2 percent for two years. However, both these figures lag behind the long-term average. The 14.2 percent rise in economy extended-stay supply, coupled with a small increase in mid-price segment rooms, primarily stems from conversions, The Highland Group said. New construction in the economy segment is estimated to account for approximately 3 percent of open rooms compared to one year ago.

ACCOR HAS SELECTED IDeaS as its global revenue management software provider for its portfolio of more than 5,600 hotels across 110 countries. IDeaS will "future-proof" Accor's revenue management strategy to provide a competitive advantage, the companies said in a joint statement. "We are thrilled to be selected as a global partner to drive Accor's commercial revenue platform transformation at a moment of unparalleled growth and opportunity for the company worldwide," said Ravi Mehrotra, IDeaS' cofounder and chief scientist. "In a new era of innovation and consumer and product diversification, we are pleased to bring IDeaS' market-leading automation, pricing approach, and a singular focus on holistic revenue optimization to Accor's diverse brand portfolio."

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. EXTENDED-STAY HOTEL room revenues increased by $1.1 billion in 2023, similar to 2018 and 2019, though with a lower relative gain due to a larger room base, according to The Highland Group. All three extended-stay segments reported record-high room revenues in 2023, with the upscale segment leading despite previously lagging behind the pandemic recovery. The 6.1 percent increase in extended-stay hotel revenues outpaced the corresponding 5.5 percent gain reported by STR/CoStar for the overall hotel industry, the report said. However, extended-stay hotel supply experienced its smallest annual increase on record in 2023, at just 1.8 percent. Factors such as re-branding, de-flagging of non-compliant hotels, and sales to other sectors influenced supply fluctuations, a trend expected to persist into the first half of 2024, particularly with older extended-stay hotels remaining on the market. The report also highlighted a 6.6 percent increase in economy extended-stay supply, alongside modest gains in mid-price and upscale segments, primarily driven by conversions. New construction in the economy segment is estimated at around 3 percent of rooms open compared to one year ago.

EXTENDED-STAY HOTELS DISPLAYED varied performance in December compared to the overall hotel industry, with supply, demand, and room revenues showing relative gains, according to The Highland Group. Occupancy experienced a milder decline than the broader hotel sector while low ADR growth and an unexpected decline in economy extended-stay RevPAR resulted in a total extended-stay hotel RevPAR decrease versus a slight RevPAR increase in the overall hotel industry. The 2.4 percent net increase in extended-stay room supply in December represents a modest rise compared to the average over the past 18 months and a slight gain over the most recent three months, the report said. Supply shifts overview December marked nine consecutive quarters with 4 percent or less supply growth, significantly below the long-term average, according to The Highland report. The 13 percent surge in economy extended-stay supply and the reduction in mid-price segment rooms are primarily attributed to conversions, with new construction in the economy segment accounting for approximately 3 percent of rooms compared to a year ago.

U.S. EXTENDED-STAY room supply grew by 3.5 percent in June, exceeding the average monthly increase of the past two years, according to The Highland Group. June marked the 33rd consecutive month of supply growth at 4 percent or less, with annual changes remaining below 2 percent for the past two years. However, both metrics are well below the long-term average. The growth includes the addition of Water Walk by Wyndham, a mid-priced extended-stay brand, to the database in May following its affiliation with Wyndham, the report said. The 12.8 percent increase in economy extended-stay supply, along with modest gains in midprice and upscale segments, is mainly due to conversions, The Highland Group said. New construction in the economy segment is estimated at about 3 percent of rooms open compared to a year ago. The report noted that supply change comparisons have been affected by re-branding, shifting rooms between segments, de-flagging hotels that no longer meet brand standards, and the sale of hotels to apartment companies and municipalities. The trend is likely to taper off in the second half of 2024, with the full-year increase in extended-stay supply compared to 2023 remaining well below the long-term average.

U.S. EXTENDED-STAY HOTELS room supply increased by 3.2 percent in May, slightly above the average monthly rise over the past two years, according to The Highland Group. May marked the 32nd consecutive month with supply growth at 4 percent or less, and the annual supply increase has been under 2 percent for two years. However, both metrics remain well below the long-term average. The 12.8 percent increase in economy extended-stay supply, along with smaller gains in mid-price and upscale segments, is primarily due to conversions, the report said. New construction in the economy segment accounts for only about 3 percent of rooms opened compared to a year ago.

KNOWLAND RECENTLY LAUNCHED Knowland Select, a tool designed for hotels with limited meeting space. Knowland Select subscribers will receive a curated list of target accounts for upcoming need periods directly to the seller's inbox. The general market release of the product is scheduled for later this summer, Knowland said in a statement. "Knowland Select empowers limited service hotels, hardest hit by the recent travel slowdown, with automated prospecting," said Jeff Bzdawka, Knowland's CEO. "It streamlines prospecting for the segment's diverse hotel teams by directly delivering qualified accounts and contacts to the seller's inbox, boosting productivity and group business growth. Importantly, Knowland Select expands our suite of platform offerings to provide valuable sales intelligence solutions for all hotel sizes and chain scales in a portfolio. And with its accessible price point, it lowers the barrier to entry for automated prospecting at scale and helps hotels unlock a clear return on investment."

The Admiralty Inn & Suites is now open in East Falmouth, Massachusetts. The 97-room upper-midscale hotel, part of The Red Collection, is owned by Sai Vani Corp. led by Mark Patel. It is the second hotel in Cape Cod to be in Red Roof's Red Collection, joining the Mariner Resort in Yarmouth, Massachusetts, Red Roof said in a statement. The recently renovated hotel is near Cape Cod attractions like Falmouth Heights Beach, Martha's Vineyard, Nobska Point Lighthouse, Historic Falmouth Village, Highfield Hall & Gardens, Cape Cod Children's Museum, Woods Hole Science Aquarium, Old Silver Beach, Shining Sea Bikeway, and Beebe Woods, the statement said. The property features a business center, onsite fitness facility, heated indoor swimming pool and seasonal outdoor pool. "Cape Cod is a sought-after region for development and with the opening of the Admiralty Inn & Suites Red Roof now has two Red Collection properties in the region," said Matthew Hostetler, Red Roof's chief development officer. "The brand's offerings-increased amenities at an affordable price point-resonate with consumers and we'll continue our efforts to meet guest demand for Red Roof hotels across the country."

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