In March, total extended-stay hotel room revenue posted its first monthly decline in more than three years but the 0.2 percent contraction was far lower than the overall hotel industry. Although most performance metrics compared to March 2023 were lower for extended-stay hotels, when compared to corresponding classes of all hotels they were better.
“Total extended-stay hotel room revenues fell 0.2 percent in March, the first monthly decline in more than three years, but significantly less than the 1.6 percent contraction STR/CoStar estimated for the overall hotel industry,” Mark Skinner, partner at The Highland Group, said in a statement.