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Extended-stay hotels in the U.S. posted their first RevPAR decline in six years during 2008, according to a new study from Highland Group Hotel Investment Advisors Inc. A strong supply growth of 6.7 percent caused extended-stay hotel occupancy to decline to 70 percent and RevPAR (revenue per available room) to drop by 1.5 percent compared to 2007, Highland found.
The report notes that while construction starts decreased significantly during 2008, supply growth is still likely to exceed the change in demand in 2009. As a result, occupancy will likely continue to decline and put pressure on average room rates for the foreseeable future.
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