Extended stay hotels play the long game
As travel picks up and the phenomenon of remote work continues to blur the lines between business and leisure, extended-stay hotels are having a moment.
Last year, the average occupancy rate for extended-stay properties climbed to 73% percent, compared to just 56 percent for hotels in general, according to data from STR, a research firm. Now, big hotel operators and real estate developers are investing heavily to make that moment last.
“There is a definite blurring of business and leisure that includes longer stays, since employees can work from anywhere,” says Daniel Finkel, chief commercial officer for TripActions, a corporate