An Insight on Extended Hotels | By Korosh Farazad – Hospitality Net

"An Insight on Extended Hotels"
By Korosh Farazad, Founder & Chairman of Farazad Group of Companies and Member of Board for Trinity Hospitality Group
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In a global bad economy during the COVID-19, it was challenging time for all the different hotel businesses. However, one segment that outperforms the rest of the hospitality industry is extended stay hotels. They tend to have bigger rooms containing well-equipped kitchens and are priced for the budgeted guests. They offer long term accommodation for people who need to stay; for a week, a month, six months, multiple years or longer, such as businessmen on extended trips, families on long holidays, and/or people who are seeking more permanent places to stay. This means these hotels can almost count on always being profitable and remaining stable in the market despite unstable conditions of the world economy. Extended stay bounces back despite the pandemic crisis and it has reached a record high in recent years.

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