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The U.S. extended-stay market’s provide in 2022 grew 2.5 % 12 months over 12 months, its smallest improve in “a number of years,” as robust common each day charges drove down occupancy, in accordance with a brand new report from The Highland Group.
Prolonged-stay resort occupancy in 2022 was beneath pre-pandemic ranges in almost 60 of the 100 U.S. markets Highland surveyed for the report, largely attributable to “robust ADR development over the past two years.” The report additionally famous that smaller markets, lead the occupancy restoration indices,” akin to Syracuse, N.Y.; Youngstown, Ohio; and Scranton and Lancaster, Pa. are main the extended-stay restoration.
Along with robust ADR development, Highland cited reasonable provide development throughout the extended-stay market as a predominant purpose behind some markets reporting “the bottom occupancy restoration in 2022.”
Among the many markets with the best ADR restoration in 2022 in comparison with 2019 had been Myrtle Seaside, S.C.; Scranton and Allentown, Pa.; and Cape Coral-Fort Myers, Fla. Every market reported larger ADR in 2022 than in 2019, with San Jose and San Francisco, Calif., reporting the bottom ADR restoration in contrast with 2019.
Highland within the report famous that whereas income per out there room in 12 of the 100 markets has not but recovered to pre-pandemic ranges, some “reported the strongest RevPAR development over the past 12 months.”
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