A shift in how people work is a big factor underpinning the trend, said an equity analyst. Laptop-toting workers who can are driving an increase in hybrid business-leisure trips. In remote work era, hotel operators make a bet on longer stays:
As a road warrior for 35 years, Tanna Pearman has crisscrossed the country, staying at luxury hotels and roadside motels. Her least favorite are boxy convention hotels with cavernous lobbies that are easy to get lost in. But at the top of her list is extended-stay lodging.
Hilton Worldwide, Hyatt Hotels and Marriott International have all introduced extended-stay brands this year — some so new that they do not yet have official names. Last year, Best Western International and Wyndham Hotels & Resorts announced new brands in the category, following Choice Hotels, which started a new extended-stay chain in 2020.
Labor costs at full-service hotels were roughly 24% higher in 2022 than the year before, while costs at extended-stay hotels rose just under 12%, according to a study by Actabl, a maker of hotel management software. Marriott announced in June that it was developing a new extended-stay brand with the working name Project MidX Studios. Company officials said they were expecting to start booking guests at the first properties by late 2024 or early 2025.
Home-sharing platforms like Airbnb and Vrbo also offer lodging with kitchens and room to spread out, but industry experts say they cater to a separate market. Despite the wave of brand announcements, hotel investors expressed confidence that the market will not become saturated anytime soon.
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