US: Choice Hotels has reported continued strong performance from its extended stay brands in its Q1 earnings report
The company’s extended-stay portfolio continued to outperform the industry throughout the first quarter, with an average domestic systemwide occupancy rate of 70 per cent. Specifically, the WoodSpring Suites brand achieved RevPAR growth of 3.2 per cent in first quarter 2021, compared to the same period of 2019, driven by an increase in average daily rate of 4.3 per cent and occupancy levels of more than 74 per cent.
Domestic systemwide RevPAR outperformed the total industry by 23 percentage points, declining 18.7 per cent and 4.4 per cent for first quarter 2021 compared to the same periods of 2019 and 2020, respectively.
Adjusted EBITDA for the first quarter were $63.1 million, an 11 per cent decrease from first quarter 2020.
