Your next extended stay asset may already be in your transient hotel portfolio. Mark Williams, managing director, franchise development, Extended Stay America, checklists the determining factors in this conversation at the Americas Lodging Investment Summit (ALIS) Jan. 22-24, 2024 in Los Angeles.
Extended stay hotels have become synonymous with resilience. The segment’s continued strong performance during the recent pandemic and in today’s challenging economic times once again demonstrated the consistency of demand for this home-away-from-home concept in a consumer market that continues to expand. It has earned the attention of investors as well. As the leader in extended stay, Extended Stay America is seeing mounting interest from developers to add extended stay hotels to their portfolios, signaling exciting growth ahead. Although these developers are considering new construction and conversion acquisition opportunities, there is one place they may not be looking when it comes to entering the extended stay hotel segment – their current portfolio of transient hotel assets.
Using cost-effective conversion techniques, hotel developers can tap into the upside of extended stay at optimal speed and a lower project cost if their hotels fulfill the conversion checklist.
Watch this video to learn the key factors to weigh in determining whether repositioning your transient hotel into an extended stay offer is a viable option to explore for your property and market location.
Episode sponsored by Extended Stay America: Interview with Mark Williams