REPORT: EXTENDED-STAY HOTELS’ Q1 REVPAR DOWN 1.6 PERCENT, REVENUE UP 1.5 PERCENT

U.S. EXTENDED-STAY hotels experienced their first quarterly decline in RevPAR since the first quarter of 2021, according to The Highland Group. In the
first quarter, the segment saw a 1.6 percent drop in RevPAR, despite a 1.5 percent increase in revenues. Demand increased by 1.7 percent, contrasting with
a 2.8 percent fall in total hotel demand when excluding upper upscale and luxury segments.

STR/CoStar estimated that overall hotel RevPAR, excluding upper upscale and luxury segments, which have minimal extended-stay room supply, increased by 1.3
percent in the first quarter of 2024 compared to the same period in 2023.

The Highland Group’s 2024 First Quarter U.S. Extended-Stay Hotels report indicated that overall hotel RevPAR and room revenues declined by 1.1 percent and 0.9
percent year-to-date, respectively, excluding upper upscale and luxury segments.