Consulting firm The Highland Group has released its look at how economy extended-stay hotels performed in May.
Economy extended-stay hotels average occupancy was 72.8 percent for the month, and while this was down 5.3 percent compared to May 2019, it was 40 percentage points higher than the 33.1 percent STR reported for the overall hotel industry.
Economy extended-stay hotel revenue per available room was down 11.4 percent over the same period compared to more than 70 percent for the overall hotel industry. RevPAR for the month was $32.50, while average daily rate was $44.64.
“Economy extended-stay hotels have the highest absolute RevPar and the lowest rate of RevPAR decline of any hotel industry segment,” said Mark Skinner, partner at The Highland Group. The firm expects to release more data about the sector later this week.