Extended-stay hotel demand gains in April but RevPAR falls for the first time in seven months, according to the Highland Group.
The long-term correlation between the change in extended-stay hotel and overall hotel industry RevPAR was evident in April with both reporting declines. When compared to corresponding classes of all hotels, economy and mid-price extended-stay hotels fared better in April. Upscale extended-stay hotel RevPAR contracted similar to all upscale class hotels according to STR/CoStar.
“Extended-stay hotel demand is increasing but April’s gain was the smallest increase in 15 months,” Mark Skinner, partner at The Highland Group, said in a statement.