Extended-Stay Demand Grows Faster Than Supply
AUGUST 13, 2007. Extended-stay hotels reported a 4.3% increase in demand in the second quarter of 2007 as supply increases 3.7% over the last year. Second quarter occupancy rises and mid-price hotels post a record. RevPar is up 5.1% in the second quarter 2007 compared to the same period in 2006.
The lengthening construction cycle slowed actual supply growth to below 4% when more than 7% was expected. Although rooms under construction increases 51% to more than 34,000, room supply is expected to increase 4% to 5% per year through 2011.
The US Extended-Stay Lodging Report: Mid-Year 2007 is the most current report available on the extended-stay lodging industry. The retail price of the report is $250. Complimentary copies are available to the press. The Highland Group is a hospitality consulting and research firm best known for its extensive research and publications on extended-stay lodging.
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