Occupancy at U.S. extended-stay hotels in April returned almost entirely to April 2019 levels, recovering from the effects of the Covid-19 pandemic, according to a new report from The Highland Group.
April 2021 U.S. extended-stay occupancy was 75.5 percent, according to The Highland Group, compared with 75.6 percent in April 2019. The April 2021 figure also is up from the 73.6 percent occupancy figure the segment recorded in March, according to the report.
“For comparison, it took about four years for extended-stay occupancy to recover to its previous high following the 2001/2 and 2008/9 recessions,” according to The Highland Group.
Neither average daily rate nor revenue per available room in April 2021 quite matched April 2019 levels, however. The overall U.S. extended-stay April 2021 average daily rate was $90.42, up from $85.69 in March 2021 but lower than the April 2019 level of $102.17.
Similarly, April 2021 U.S. extended-stay RevPAR totaled $68.31, up from $63.11 in March 2021 but lower than the $77.24 recorded in April 2019. Still, “with economy extended-stay hotel monthly RevPAR already 13 percent higher than two years ago, coupled with rapid gains in mid-price and upscale segment RevPAR recovery indices, the RevPAR recovery is about double the pace compared to the past two downturns,” according to The Highland Group.
Originally Appeared On: https://www.businesstravelnews.com/Lodging/Report-US-Extended-Stay-Occupancy-Nearly-Reaches-19-Level