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Extended-Stay Hotels Post First RevPar Decline in Six Years
Monday, February 23, 2009
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Strong supply growth of 6.7% propelled extended-stay hotel occupancy to decline to 70% and a RevPar loss of 1.5% compared to 2007.
Extended-stay hotel demand was down 0.4% in the fourth quarter of 2008 but increased 1.2% for the year and maintained the trend of increasing every year since 1990.
Construction starts decreased significantly but supply growth is likely to exceed the change in demand in 2009. Occupancy will decline and put pressure on average rates during the foreseeable future.
The 2009 US Extended-Stay Lodging Market is the most comprehensive information available on this sector of the lodging industry. Complimentary copies of the report are available to the press. The retail price of the report is $395. The Highland Group is a hospitality consulting and research firm best known for its extensive research and publications on extended-stay lodging. For more information, please call Mark Skinner at (404) 872 4631.
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