Hotels and travel booking sites have seen massive declines in business due to the coronavirus, but there are hospitality sector bright spots, including vacation rentals and extended stay properties.
Airbnb CEO Brian Chesky recently said that the changes underway in the travel world are permanent in nature."Hotels are not going away," Fogel recently said on CNBC. "We've seen this trend for a long time of more and more people interested in alternative accommodations, which is why we've gone out and got more supply in that area, because we're realizing people are seeing that as an attractive alternative. Certainly the pandemic accelerated that trend ...
Second quarter earnings from Marriott showed that out of all of its brands, Residence Inn had the highest occupancy rate, at roughly 40%, beating out the 18% at Courtyard and 8% at Ritz-Carlton.are up 90% from mid-March, outperforming other hotel-related stocks. In an investor presentation in Junethe company reported that 84% of guests who stayed at their properties used the kitchen.
Since the March market bottom, the economic downturn has been best for one hotel sector: extended stay properties. In addition to leisure travelers, demand for extended stay hotels is being driven by medical and construction workers who do not have the luxury of working from home, and individuals who are looking for a temporary housing solution.
"Lot of times when there's disruption in people's lives, that changes their need for accommodation. So you know people lose their jobs, they may have to relocate, they may have housing issues, so we usually find that when there is disruption in people's lives, that does create extended stay opportunities," Bruce Haas, CEO and President of Extended Stay America, recently told CNBC.
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