Good morning from Skift. It’s Friday, October 25, 2024, and here’s what you need to know about the business of travel today.
Choice Opens 500th Extended Stay Hotel as It Expands Portfolio
23.10.2024 - 14:11 / skift.com / Sean Oneill
As hotel groups vie for dominance in the lucrative extended-stay sector, Choice Hotels has emerged as a leading player in the economy and midscale segments. The franchisor said on Wednesday it had opened its 500th extended-stay property.
America’s hotel companies have been investing heavily in extended stays. In the past two years, Marriott, Hilton, Hyatt, and Wyndham have been rolling out extended-stay brands to capture what they see as long-term demand. However, longer-term players like Choice Hotels and Extended Stay America say they have some competitive advantages.
The big picture: Choice Hotels is betting mostly on properties that function more like apartments than hotels, targeting blue-collar business travelers and project workers rather than traditional hotel guests. The group had nearly 400 hotels in the pipeline across four extended-stay brands: Everhome Suites, WoodSpring Suites, Suburban Studios, and MainStay Suites.
Driving the news: Choice has gone from 100 to 500 extended-stay hotels in only six years.
Between the lines: Choice Hotels’s strategy differs from competitors in a few ways, McElhare said.
“We’ve doubled down on really investing in being the leader in what we would call kind of ‘true extended stay,'” Matt McElhare, vice president and extended stay segment lead, told Skift.
What’s next: Choice Hotels is exploring automated check-in kiosks and remote overnight support systems to further optimize operations, with potential launches in 2025, McElhare said.
What am I looking at? The performance of hotels and short-term rental sector stocks within the ST200. The index includes companies publicly traded across global markets, including international and regional hotel brands, hotel REITs, hotel management companies, alternative accommodations, and timeshares.
The Skift Travel 200 (ST200) combines the financial performance of nearly 200 travel companies worth more than a trillion dollars into a single number. See more hotels and short-term rental financial sector performance.
Read the full methodology behind the Skift Travel 200.
The website maxtravelz.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.
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