Extended Stay America Announces 20% Growth in Its Franchise Portfolio
Photo Credit: An Extended Stay America sign in front of a property. Flickr / Mike Mozart
Skift Take
Extended Stay America announced its growth outlook through franchising, following the momentum from a strong year of milestones, including 20% growth of its franchise portfolio across its family of brands.
The last couple of days of January were like the first two weeks. Today the DJIA ended down 317 points, Nasdaq was down 346, the S&P 500 fell 79 points and the 10 year treasury yield was down .09 to 3.97%. Lodging stocks were lower but AHT was the big winner, surging 24%. SLNA gave a lot of their last week’s gains, down -40%. BHR fell -6%.
Truist said they are expecting 4Q lodging earnings to come in at the mid-point to higher-end of the originally expected ranges. They do not expect any macro-surprises in 4Q that would lead to a company coming materially above or below initial expectations.
STR reported US lodging data for the week ended January 27th. RevPAR was up 4.8% with rates up 5.1%. Group RevPAR was up 18.4%.
Travel + Leisure Co. continues their brand portfolio expansion with the acquisition of Accor Vacation Club for $48.4 million. The acquisition is expected to close in the first quarter of 2024 and be immediatel
