The future of hotels? Extended-stay

The stock of hotel rooms offering longer stays have increased more than 30 percent in five years

TRD New York TRD WEEKEND EDITION /
Sep.September 30, 2018 02:00 PM

(Credit from left: Holidayextras via Flickr, PxHere)

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


Related Articles

arrow_forward_ios
A mass timber project in Cleveland is now under construction and could be the nation’s tallest when completed. Harbor Bay Real Estate Advisors’ Intro development will rise nine stories with 298 residential units (Credit: Harbor Bay Real Estate Advisors)

Mass timber project in Cleveland could be nation’s tallest

Mass timber project in Cleveland could be nation’s tallest
Joy Construction’s Eli Weiss (left), Maddd Equities’ Jorge Madruga (top), and Drew Katz (right) with 20 Bruckner Boulevard in the Bronx (Getty; Google Maps)

“Dream” comes true for long-vacant Bronx ice house

“Dream” comes true for long-vacant Bronx ice house
“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space
The Hotel Indigo Lower East Side at 171 Ludlow Street and Rotem Rosen (Credit: Hotel Indigo)

Tallying crisis’ toll on MRR Development’s Hotel Indigo

Tallying crisis’ toll on MRR Development’s Hotel Indigo
Photo illustration of Sen. Brian Kavanagh (Credit: Kavanagh by Albin Lohr-Jones/Pacific Press/LightRocket, Getty Images, iStock)

Lawmakers skip #CancelRent in favor of more modest bills

Lawmakers skip #CancelRent in favor of more modest bills
The process for challenging property assessments is so antiquated, officials won’t do Zoom meetings. (iStock)

“A recipe for disaster”: Fighting property taxes in a pandemic

“A recipe for disaster”: Fighting property taxes in a pandemic
Andrew Florance, CEO of CoStar (Photo by Jeffrey MacMillan for the Washington Post)

EXCLUSIVE: CoStar’s Andy Florance on buying Ten-X, the future of office buildings and why brokers don’t need discounts

EXCLUSIVE: CoStar’s Andy Florance on buying Ten-X, the future of office buildings and why brokers don’t need discounts
An institutional investor’s sale of a 7 percent stake in an exchange-traded real estate fund reveals deep concerns about the sector. (Credit: iStock)

Mystery investor dumps big stake in real estate fund

Mystery investor dumps big stake in real estate fund
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...