The Weekly Take from CBRE
Here to Stay: A look at extended-stay hotels
Feb 3, 2025
Greg Juceam, President and CEO of Extended Stay America, shares his expertise on the rising extended-stay hotel sector. He highlights the investment potential in secondary markets and the operational simplicity of these accommodations. Juceam discusses the benefits of ownership combined with franchising, supporting scalable growth. He also touches on the diverse demand from construction crews to digital nomads, predicting stable occupancy. Finally, he delves into strategic expansions and the impact of mega trends reshaping the industry.
39:33
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Quick takeaways
- Extended Stay America's model of catering to diverse guest needs amid economic uncertainty highlights the resilience and growth potential of extended-stay hotels.
- The introduction of Extend America Select Suites showcases ESA's strategic adaptability and commitment to affordability in response to evolving market demand for temporary housing.
Deep dives
The Growth of Extended Stay Hotels
The extended stay hotel segment has experienced significant growth despite challenges faced by the wider hotel industry during the pandemic. Extended Stay America, as a pioneer in this niche, has carved a distinct market by catering primarily to guests who need accommodations for weeks or months. With over 700 locations across the U.S. and a focus on secondary and tertiary markets, this model effectively serves an increasing demand for temporary housing without the traditional requirements of short-term leases. As a result, the company welcomes approximately 22 million guests each year, showcasing a robust business model that operates successfully even in times of economic uncertainty.
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