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287 | The Long Haul: Extended-stay hotels show their strength in a crisis
Extended Stay America lost money in the second quarter of this year, but in the COVID-19 age the company found reasons to celebrate.
It was able to keep its 636 hotels open since the pandemic struck in mid-March. It furloughed few of its 8,000 employees. And, at the end of June, its hotels had an average across-the-board occupancy of 80 percent, up from a low of 50 percent in mid-April.
The story is not Extended Stay America’s alone. The U.S. extended-stay hotel sector has proven to be the most resilient of the lodging segments amid the coronavirus crisis – especially those in the economy and mid-price tiers.
In this episode of Lodging Leaders podcast, we explore how extended-stay hotels have fared better than their transient cousins during the coronavirus crisis and what the future holds for the sector. We feature Bruce Haase, president and CEO of Extended Stay America in Charlotte, North Carolina; Matt McElhare, director of extended-stay brand strategy and operations at Choice Hotels International in Rockville, Maryland; Andrew Alexander, president of Red Roof in Columbus, Ohio; and Mark Skinner, partner of The Highland Group of Atlanta, Georgia, which tracks the business performance of extended-stay hotels.
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By Jon Albano and Judy Maxwell
4.8
7474 ratings
Extended Stay America lost money in the second quarter of this year, but in the COVID-19 age the company found reasons to celebrate.
It was able to keep its 636 hotels open since the pandemic struck in mid-March. It furloughed few of its 8,000 employees. And, at the end of June, its hotels had an average across-the-board occupancy of 80 percent, up from a low of 50 percent in mid-April.
The story is not Extended Stay America’s alone. The U.S. extended-stay hotel sector has proven to be the most resilient of the lodging segments amid the coronavirus crisis – especially those in the economy and mid-price tiers.
In this episode of Lodging Leaders podcast, we explore how extended-stay hotels have fared better than their transient cousins during the coronavirus crisis and what the future holds for the sector. We feature Bruce Haase, president and CEO of Extended Stay America in Charlotte, North Carolina; Matt McElhare, director of extended-stay brand strategy and operations at Choice Hotels International in Rockville, Maryland; Andrew Alexander, president of Red Roof in Columbus, Ohio; and Mark Skinner, partner of The Highland Group of Atlanta, Georgia, which tracks the business performance of extended-stay hotels.