Read More: The Why, Where, How and Who of Ecotourism Today Hyatt Place and Hyatt House will comprise 6,400 of the rooms planned by the fourth quarter of 2023. Hyatt Hotels Corporation, known for its many brands including its extended-stay properties, Hyatt Place and Hyatt House, is scheduled to open 48 new properties across the Americas in 16 new destinations, including Quebec, Canada Panama City Beach, Florida Sacramento, California and Virginia Beach, Virginia, this year and in 2023. Placemakr, formerly WhyHotel, started as a pop-up in 2017 but later became a hotel brand with long-term plans designed for long-term stays.Īccording to Jason Fudin, Placemakr’s cofounder and CEO, the company plans to expand by acquiring $750 million in real estate in the next 18 to 24 months, with its first being PlaceMakr Premier SoBro, in Nashville, Tennessee. Other hospitality companies have made extended stays not just a sector of their brand, but the whole brand.
The project is scheduled to develop 50 Echo hotels. Echo will also feature a guest laundry room, designed to limit labor needs, according to Ballotti. Its prototype is a 124-room property featuring your standard 300-square-foot studio with a kitchenette and public spaces, like a lobby and fitness center. Wyndham has been working on Echo since summer 2021. RevPAR grew 8% during the pandemic while the rest of the industry declined 17%, the press release said.Īccording to Hotel Tech Report, which uses statistics from organizations such as American Hotel & Lodging Association and Statista, 833 hotels opened in the United States, 29% of which were extended-stay properties. “Demand for these accommodations only continues to climb-both from guests and developers alike-making now the right time for Wyndham, the definitive leader in the economy segment, to bring our experience and expertise to this high-potential space,” Ballotti said in a press release by the company. With this outperformance, it’s no wonder why Wyndham is launching Echo-an acronym for Economy Hotel Opportunity-its economy extended-stay brand in 2023. Over the last two years, the economy extended-stay hotel market has been outperforming all other segments, said Geoff Ballotti, president and CEO of Wyndham Hotels & Resorts.
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