Tuesday March 11th, 2014 - 10:28AM
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.