According to the data from the Highland Group, extended-stay demand remained unusually strong during June and July, while the FIFA World Cup added a significant rate and revenue boost in June and July.
The 5.8 percent increase in extended-stay demand in June was the largest gain for the month of June since 2021 and that was a rebound from the pandemic. The FIFA World Cup boosted extended-stay growth in average daily rate, revenue per available room and room revenue to their highest monthly gains in more than three years in June. The underlying fundamentals also showed strength with demand outpacing supply for five straight months.
The 6.2 percent increase in extended-stay demand in July was the largest monthly gain since February 2022. The FIFA World Cup boosted extended-stay ADR, RevPar and room revenue growth to their second highest monthly gains in more than three years in July and the underlying fundamentals also showed strength with demand outpacing supply for six straight months.
June produced the stronger rate and revenue gains, with ADR, RevPAR and room revenue posting their highest monthly growth in more than three years.
July’s rate and revenue growth moderated from June’s peak, but remained the second highest in more than three years.
Underlying demand fundamentals strengthened, as demand outpaced supply for a fifth consecutive month in June and a sixth consecutive month in July.