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Article: Burgeoning extended stay continues to out perform.(Global update: research)(Candlewood Suites)(Intercontinental Hotels Group)
- Article from:
- Hotels
- Article date:
- May 1, 2004
- Author:
CopyrightCOPYRIGHT 2004 Reed Business Information, Inc. (US). This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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ATLANTA From InterContinental Hotels Group's acquisition of Candlewood Suites, its second extended-stay brand, to Blackstone's US$3 billion acquisition of Extended Stay America, 2003 proved hoteliers' continued faith in this developing segment. According to a new study by The Highland Group, an Atlanta-based hotel investment consulting firm, that faith is justified as the outlook for the segment shows demand increasing, and supply growth settling at around 4% annually. As the report indicates, extended-stay hotel inventory has continued to grow at a faster pace than the overall hotel industry.
Although the study shows most of the performance indicators for the ...