According to the latest information from the Highland Group, December marked nine consecutive months of decline in revenue per available room for extended-stay hotels. However, the loss was the lowest since RevPAR began falling in April, demand growth was the largest in 13 months, occupancy loss was the least since February and the room revenue increase was the strongest in 10 months.
“December’s extended-stay hotel performance metrics provided an early signal that the nadir of monthly RevPar losses is approaching,” Mark Skinner, partner at The Highland Group, said in a statement.