Record Extended-Stay RevPAR for Most U.S. Markets: Highland Group
Tuesday March 11th, 2014 - 10:28AM W
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ATLANTA—The Highland Group released data showing extended-stay hotel RevPar exceeded its 2007 nominal high in 70% of the 100 largest hotel markets in the United States in 2013.
RevPar declines in 2013 compared to 2012 were reported in 20% of the country’s largest markets.
Nationally, extended-stay rooms under construction approached 17,000 units, the highest level since 2009. In the 100 largest hotel markets more than 11,500 extended-stay rooms were under construction at the end of 2013.
Room supply is expected to increase by about 4% in 2014 but in more than half of the 100 largest markets no new rooms are under construction, according to The Highland Group.
Tags: Extended-Stay • The Highland Group • RevPAR • Hospitality •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.