The average daily rate at Extended Stay America properties increased 8.5 percent year over year to $62.90 during the second quarter.

Reported occupancy dipped from 78.8 percent in the second quarter of 2014 to 77.1 percent. The company completed eight renovations during the quarter and began work on 95 more to be completed by early 2016. The average daily rate for ESA's 382 renovated properties grew 9.2 percent year over year, and they continue to drive revenue for the company. Net income reached 64.8 million, a 40 percent increase from the second quarter of 2014's $46.3 million.