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The future of hotels? Extended-stay
The stock of hotel rooms offering longer stays have increased more than 30 percent in five years
Hoteliers are increasingly playing the long game.
The number of extended-stay luxury hotel rooms are on the rise–increasing 34 percent over the past five years–and occupancy rates are coming back higher than typical rooms at an encouraging 77 percent, according to the Wall Street Journal.
Though guests pay a premium for their hotel accommodations–at least a couple thousand dollars more than a comparable apartment, many guests say the convenience of hassle-free living in a hotel is the best option as they look for a permanent home or decide their next moves, personal or career-wise.
For finance executive Robert Wolfangel, living in a hotel for a year had all the amenities he and his wife wanted as they were looking for a home. Then, when their check-out date finally arrived, moving “was painless,” he told the Journal. “I didn’t have to return a cable box or cancel the electric.” [WSJ]–Erin Hudson