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 •
The theme of this year’s ALIS conference was “Don’t Worry, Be Happy.” But, lets face it, there are always going to be some people who aren’t happy unless they are worried about something—whether it’s the Fed potentially raising interest rates or that the price of oil is now too low, threatening to cripple the economies of some foreign nations.