Fast-growing extended stay lodging continues to outpace the industry with a growth rate about nine times that of hotels overall, reports the Highland Group.
If present trends continue, extended stay room supply will rise by more than 7% this year, the highest increase since the 10% jump in growth in 2001.
The growth includes:
—InterContinental Hotel Group’s Staybridge Suites opened its 100th property this year in Tallahassee. Another record 30 properties are under construction.
—Hilton’s Homewood Suites is set to open its’ 200th property this year.
—Marriott also has two extended stay brands that are fast-growing: Residence Inn now has more than 500 properties with another 130 under construction.
What’s next for US properties?
Expansion overseas, say industry experts.
Report by David Wilkening
