Extended Stay
America reported a 4 percent year-over-year increase in average daily rate even
as occupancy fell to 76.7 percent from 77.2 percent at comparable hotels during
the second quarter. Comparable hotels exclude the 53 properties ESA cut loose
last year. The company continued with the final and largest phase of its
years-long portfolio renovation initiative, which displaced 57,000 room nights
during the quarter, 30,000 more than during the same period in 2015. Like
other hoteliers, ESA saw less demand from corporate travel
than it did during the first-quarter, but still grew sales in the segment 4
percent year over year. Total revenue increased 3.4 percent to $332.8 million.