U.S. hotel developers have more projects for extended-stay properties than any other type of hotel, whether measured by number of projects or room count, according to new data.
In the second quarter, developers expanded their pipeline of extended-stay projects by 18% year-over-year to 2,083, said Lodging Econometrics, which collects and studies hotel development.
The extended-stay category had growth outpacing lifestyle, soft-branded, traditional limited-service, and generic full-service properties, as measured by property count and room count. Lodging Econometrics created this chart to illustrate:
One caveat: A segment that was hard to count because it’s so small was independent boutiques.
For independent boutiques only, CoStar’s STR counts 4,227 rooms in construction, with 2,338 rooms projected to open in 2023. That’s a 2.8% year-over-year growth in supply. There are only 16,565 rooms in the indie boutique pipeline.