Hotel & Motel Management - September 15, 2008 - (Page 36)

36 Special Report ANNUAL HOTEL COMPANY REPORT H&MM September 15, 2008 | HotelMotel.com www.HotelMotel.com/digital_edition Extended Stay Hotels to begin aggressive renovation project By Paul J. Heney EDITORIAL DIRECTOR E xtended Stay Hotels, an industry leader in the long-term stay market, concentrates on travelers who stay seven or more nights, as well as guests who stay more than 30 nights in a property. The company owns and operates more than 700 hotels and 76,000 rooms in 44 states and Canada. In 2004, Homestead Village merged with Extended Stay America. The combined company now oversees the development, acquisition and design of the Extended Stay America brand, along Extended Stay Deluxe is one of several brands that Extended Stay Hotels owns and operates. with Homestead Studio Suites Hotels, StudioPLUS Deluxe Studios, Crossland Economy Studios and Extended Stay DeLapp EXTENDED STAY HOTELS Deluxe. Gary A. DeLapp, president and CEO, said the company hasn’t focused its efforts on development, given the current economic conditions. However, he noted the company continues to keep an eye on things, from an acquisition standpoint. “We still continue to focus on looking for the right acquisitions that make sense to ﬁt into our portfolio today,” he said. DeLapp feels growth currently isn’t a strong suit for long termstay properties. “We’ve seen a falloff in the environment that we’re in today of the extended stay traveler. …With the liquidity problems that companies are having today, it really slows the opportunity for growth, particularly in segments that stay at our type of product.” That said, his outlook on the segment as a whole is positive. “From an absolutely occupancy basis, the extended-stay and the moderate price segments still outperform. … With so much of the business being project-related, I sort of compare it to the full-service hotels that do a lot of convention business. When things get tough, you see conventions get scaled down and less people show up; the same thing is applicable for our business today,” DeLapp said. “And with unemployment up and capital spending down, those two things have impacted us much the same way as See Extended Stay | page 43 CIRCLE NO. 129 EXTENDED STAY HOTELS http://HotelMotel.com http://www.HotelMotel.com/digital_edition http://www.hostmark.com http://www.hostmark.com

Table of Contents Feed for the Digital Edition of Hotel & Motel Management - September 15, 2008

Hotel & Motel Management - September 15, 2008 Contents Microtel, Hawthorn Settle in at Wyndham Is it Black or Red for Green Hotels? New City on the Strip When in Doubt, Purchase some Seashells Legal FAQ Consultant's Corner Sales Clinic On Finance Travel Trends Franchise Law Guest Column Events Cornell Insights HotelWorld Update Trends & Stats Top Hotel Companies Survey Awards Lending Requires Knowledge, Preparation Casegoods Minibars Historian to Keynote Leadership Forum at IH/M&RS Fitness Equipment The Lodging Conference Preview Accent Lighting Awards Vacuums Supplier News Transactions People Ad/Editorial Index Marketplace Classifieds Checking Out

Hotel & Motel Management - September 15, 2008

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