Economy Extended-Stay Hotels Report April RevPAR of $29.78 – Hotel Business | Hotel Business
NATIONAL REPORT—Economy extended-stay hotels reported RevPAR of $29.78 in April, according to The Highland Group’s “U.S. Extended-Stay Lodging Bulletin: April 2020.” This was about double the luxury hotel segment, based on STR figures.
When compared with the other extended-stay segments, RevPAR for economy extended-stay hotels fell 18% when compared to April 2019. Mid-price extended-stay saw a year-over-year (YOY) RevPAR decline of 55.8%, while upscale extended-stay dropped 76.3%.
“Extended-stay hotels, especially the economy segment, should continue to demonstrate RevPAR loss resilience during the foreseeable future,” said Mark Skinner, partner at The Highland Group.
All extended-stay hotel segments reported higher occupancy than the U.S. hotel average in April 2020, with YOY declines of 12.3% for the economy segment, 39.5% for mid-price and 66.1% for upscale.
The bulletin noted that the closing of some mid-price and upscale extended-stay hotels distorted the distribution of rooms open compared to one year ago. The change in distribution coupled with large losses of higher-rated guests caused overall extended-stay ADR to fall 34.7% in April 2020 compared to one year ago. ADR losses were lower than the 44.4% decline STR reported for the overall hotel industry.
April ADR for the economy extended-stay segment dropped 6.5% to $44.21 in 2020 from $47.28 in 2019, while mid-price fell 27% ($64.61 from $88.52) and upscale declined 30.2% ($66.71 from $102.17).
Economy Extended-Stay Hotels Report April RevPAR of $29.78 – Hotel Business appeared first on Hotel Business | Hotel Business – The leading source of hospitality news for owners, developers, designers, brokers, brands, management companies, lenders, REITs & asset managers.
Request for Talent
RFT is going against the tide of mega-meta-job boards which are more interested in selling advertisements than actually filling positions for their clientele. RFT focuses in Real Estate Development, Construction Management, Architecture, Asset Management, Real Estate Investments and their related industries . Through our deep connections in the real estate arena RFT can reach active and passive candidates in a way no other “job board” offers or is willing to do. RFT is not a “job board” it is your “RECRUITING CLOUD”
Request For talent is sponsored by Gillian Executive Search, Inc. – recruiters in real estate development, construction management, architecture, real estate finance, asset management and more.