The extended stay category is at the forefront of many hoteliers’ minds as guests increasingly turn to the product type to accommodate longer stays and developers eye the model’s operational efficiency.
With smaller community amenity spaces and less frequent daily services, extended stay hotels can offer more value than some select-service properties. And comparatively, when hoteliers invest in extended stay hotels, it’s possible to increase their gross operating profit by from 10% to 15%, according to Matt McElhare, senior director of extended stay brands at Choice Hotels International.
Because of this, competition in the extended stay space is heating up. In 2023 alone, several major hotel chains launched new brands in the category, developers inked multi-unit hotel deals and investors acquired extended stay properties across the country.
Below is a roundup of Hotel Dive’s coverage of notable happenings in the extended stay space.