Report: Extended-stay hotels reach high in Q4 2024

U.S. EXTENDED-STAY HOTELS saw strong performance in the fourth quarter of 2024, with RevPAR and room revenue reaching six-quarter highs, according to The Highland Group. Supply growth exceeded 3 percent for the
fourth consecutive quarter, the first time in nearly three years, while demand rose 4.6 percent, the highest since the first quarter of 2021.

The Highland Group’s 2024 fourth quarter U.S. Extended-Stay Hotels Report found occupancy at a three-year high.

“Extended-stay demand growth in the fourth quarter of 2024 was the largest quarterly increase in three years and well ahead of the accelerating gain in supply,” said Mark Skinner, partner at The Highland Group.