Extended-stay hotels added to April’s strong performance metrics in May with growth in demand and revenues well above the monthly averages reported over the last year. Consequently, occupancy increased for the second consecutive month after declining in all the previous 12 months, and ADR gained for the second successive month following declines in the prior two months. RevPAR also recorded another monthly increase after falling each month from December through March.
“May was another good month for extended-stay hotels with demand growth achieving one of its largest increases in more than two years,” said Mark Skinner, partner at The Highland Group.