Extended-Stay Hotels Must Analyze Markets & Embrace Flexible Options for Sustained Growth
Properties that strategically adapt their offerings can capitalize on luxury demand while navigating market volatility
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Key takeaways
Properties that strategically adapt their offerings can capitalize on luxury demand while navigating market volatility
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The extended stay hotel market, once riding high on unprecedented growth, has recently faced a dip in occupancy rates. This downturn marks a significant shift from the robust expansion observed over the past years, driven by a surge in guests who preferred longer stays due to various economic and lifestyle factors. Despite this, the luxury hotel sector is on an upswing, capturing the interest of travelers looking for high-end accommodations and services.
How can extended-stay hotels adapt to shifting market dynamics and maintain their competitive edge in a fluctuating economy?
Hotel industry expert, Sarah Dandashy emphasizes the importance of understanding market longevity and accurately identifying target consumers. By recognizing who their market is, operators of extended-stay hotels can leverage their inherent advantages like lower operational costs and the potential for stable revenue, even during economic downturns.
But the big thing for consideration for hotel owners, especially if they're going to be operating extended stay hotels, is the longevity and also understanding the actual market and knowing are you in the market for these sorts of consumers.
— Sarah Dandashy, Hotel Industry Expert
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About the author
With over 18 years of luxury hotel experience, I've been proud to work at some of the top hotels in the country--from The Peninsula, Four Seasons, Fairmont Hotels, and The London West Hollywood. For 15 of those years, I was a hotel concierge and part of the prestigious organization Les Clefs d'Or International. In 2015, I earned a special award from the organization created to help foster future generations of concierge, the title equivalent of "Best Young Concierge" in the world. My biggest lesson from being a concierge: you are as great as the team, colleagues, and connections that surround you. Hospitality is a team effort!
