REPORT: EXTENDED-STAY HOTELS STRONG IN APRIL AFTER CHALLENGING Q1

U.S. EXTENDED-STAY HOTELS showed positive growth in April after a difficult first quarter, according to The Highland Group. Monthly room revenue growth was
the highest in nearly a year, demand saw its strongest increase in 16 months, and ADR and RevPAR turned positive after two and four months of decline, respectively.

“The performance of extended-stay hotels in April re-established the segment’s long-term trend of increasing its market share of total hotel supply, demand and
room revenues,” said Mark Skinner, partner at The Highland Group.

The extended-stay room supply grew 2.8 percent in April, slightly above the average monthly increase over the last two years, the report said. However, April
marked 31 consecutive months of 4 percent or less supply growth, with annual supply change under 2 percent for two years—both metrics well below the long-term
average.