Tuesday 02 February, 2021
Extended stay takes bigger slice of US new inventory US: Extended stay properties accounted for nearly 30 per cent of all new hotel projects opened in the US last year.
EDITOR'S COMMENT
• The robust performance of US extended stay properties through the pandemic is well documented, but what is also clear from the latest construction stats from Lodging Econometrics is that the sector's growth was on an upward curve before Covid, and that it is the hottest segment in US hospitality right now.
Bearing in mind that the extended stay market makes up just eight per cent of the total open and operating hotels in the US, and nine per cent of the total keys, it's incredible to see that the segment accounts for a whopping 29 per cent of new hotel openings in 2020, and 24 per cent of the projects under construction in Q4 2020.
A big surge in supply will eventually result in pressure on occupancy and rate when some semblance of normality returns to the market, but I can't help feeling that there has been a sea change in attitudes to extended stay, not just from owners, investors and operators, but, crucially, also from customers.
Guests have switched on to the advantages of self-contained units in a big way during 2020, and I expect them to keep searching for apartment-style hospitality options in to 2021 and beyond.
For more information and sponsorship/advertising
Katie Houghton
Group head of sales: +44 (0)7535 135 116
International Hospitality Media is the premier specialist in online publishing; conference, exhibition and events, and advisory services for growth sectors of the hospitality industry. The company publishes three industry-leading b2b websites - BoutiqueHotelNews.com and ServicedApartmentNews.com and ShortTermRentalz.com which keep their respective sectors up to speed with news, comment and opinion.
Our conference experience spans four continents and covers high growth segments including boutique, lifestyle and hybrid hotels, serviced apartments / aparthotels and extended stay, and vacation rental. Our events are renowned for their intense focus and attract quality industry leaders, brands and independents, providing unparalleled networking and learning opportunities. We also organise bespoke educational events and investor breakfasts to bring owners, investors, operators, and suppliers together. 'Providing an inspirational community to connect people through world class online platforms and events' © 2021 International Hospitality Media. All Rights Reserved.
Confirmation of your subscription opts you in to receive future updates on the newsletter listed above, in addition to relevant communications from our partners. You can opt out at any time.
|