Categories: Special ReportLodging

Extended Outlook

Bigger, broader and easier to book, longer term lodging is making waves with business travelers
Awareness, accessibility and adaptability are changing the landscape for the extended stay lodging market. Comparing all kinds of longer term lodging is easier than ever, booking in real time is getting more efficient for products like corporate housing, and all kinds of extended stay accommodations worldwide are transforming to keep up with changing travel patterns, and demographics.

For extended stay and other long-term counterparts, the big advantage has always been that most travelers like having more space as well as a kitchen at the same price as a hotel room. Through shared economy options like Airbnb, millions of travelers have been exposed to the idea of staying in an apartment while on the road. Now some providers of longer-term accommodations are even seeing shared economy sites as a lower cost option to online travel agencies.

These are heady times indeed for the extended stay segment. According to hospitality consultants The Highland Group, “Remarkably at this stage in the cycle and with more than 450,000 extended-stay rooms now open, demand growth in 2017 was one of the highest we have ever reported. Beginning mid-2016 the accelerating increase in demand kept occupancy at or near record levels and by mid-2017 reversed the trend of decelerating gains in average daily rate. The result was a 6.8 percent increase in ADR in the last quarter of 2017.”

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