The three key efficiency indicators for the economic system extended-stay phase of the U.S. lodging business for March 2021 exceeded ranges from March 2019, in keeping with the newest report from The Highland Group.
The economic system extended-stay phase’s March 2021 income per accessible room was $38.46, which exceeded its March 2019 stage of $37.60 by 2.3 %. The latter had been the earlier report excessive for the phase’s March RevPAR, in keeping with the corporate. March 2021 common day by day fee was $47.96, barely above the March 2019 fee of $47.56. March occupancy was up 1.4 % over 2019 at 80.2 %.
“Financial system extended-stay inns have restored RevPAR again to its earlier report excessive in about half the time it took following the prior two downturns,” mentioned The Highland Group associate Mark Skinner.
Midscale and upscale extended-stay inns reported March 2021 RevPAR totals that had been 81 % and 69 %, respectively, of their March 2019 ranges. Midscale extended-stay occupancy reached 71.9 %, or 94.7 % of 2019 ranges. Although upscale occupancy was larger at 72.5 %, that determine represents about 89.6 % of the March 2019 stage. Midscale ADR nonetheless is shy of restoration at 85.2 %, whereas the upscale extended-stay phase is at simply 76.7 % of its March 2019 stage.
March 2021 RevPAR for the general extended-stay phase was $63.11, or 76 % of the 2019 stage. Common day by day fee reached $85.89, or 81 % of restoration ranges, whereas occupancy was 73.6 % in contrast with 78.5 % in 2019.
Prolonged-stay provide in March grew 12.5 % 12 months over 12 months, reflecting each new building and the reopening of inns closed in the course of the pandemic, in keeping with the report. Room evening demand was up 41.2 % in contrast with March 2020.