The average daily rate at Extended Stay America during the third quarter increased 7.4 percent year over year to $60.14,

the company reported Friday. Occupancy rates in the third quarter increased to 79.3 percent from 78.7 percent in the same period in 2013. Net income for the third quarter increased 29.2 percent to $60.2 million, compared with $46.6 million in the third quarter of 2013 period. The company plans to renovate 85 hotels in 2015 and to complete renovation of all its Extended Stay America-branded hotels by mid-2017.