According to company CEO George D. Johnson Jr., "The extended-stay lodging market is the fastest growing segment of the hotel industry, and is quickly catching the interest of business professionals, people relocating and those on extended work assignments."
Mike Wilson, vice president of the company, tells GlobeSt.com that the company first entered the state about three to four years ago and emphasizes that Extended Stay's market is different from the traditional hotel market with its focus on long-term stays. "The appeal of our hotels reaches beyond the business and corporate community. Besides being ideal for professionals on extended or temporary assignments such as consulting or training, our properties are perfect for people building homes, relocating or attending family functions."
Wilson says that demand exceeds supply by nearly two to one but acknowledges that nationally the company's expansion has slowed down. "We are not opening as many as we used to." He points out that whereas about four years ago Extended Stay opened about 120 a year, the company opened 20 hotels this past year.
Still, Wilson notes that Extended Stay has plans to continue to penetrate the area market. He says that the company is in the process of completing the diligence on properties in Beverly, Canton, Rockland, Westford and Norwood.
Weekly room rates for the new Extended StayAmerica hotel are about $389 to $419, a price that the company insists is a "fraction of the cost" of other similar hotels. The company was founded eight years ago and is the third largest owned and operated hotel company in the world.
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