ATLANTA—According to The Highland Group’s “July 2020 Extended-Stay Hotel Performance” report, economy extended-stay hotels are first to report higher demand than one year ago.
The 1.2% increase in economy extended-stay hotel demand in July 2020 compared to one year ago was the first such gain in demand reported by any segment of the hotel industry in the last six months. Economy extended-stay hotels also posted their smallest monthly RevPAR loss since the metric started falling in March.
“It will be several months before the overall hotel industry reports positive monthly change in demand compared to the previous year, and economy extended-stay hotels achieving that last month is a very welcome start,” said Mark Skinner, partner at The Highland Group.