The extended stay hotel model has shown a consistently high performance, leading to the creation of more such brands, according to a recent hospitality report from CoStar.
"Even when room demand for regular hotel rooms evaporated in early 2020, extended-stay hotels showed that there is always demand from customers such as first responders, traveling nurses, construction crews, and people relocating for family or professional reasons," according to the report.
The annualized occupancy for all extended-stay brands never fell below 59% during that time, STR, a CoStar Group company, said, whereas the annualized U.S. occupancy declined to 41% during the pandemic.
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