What is RevPAS and how does it differ from RevPAR?

RevPAS (Revenue Per Available Suite) is the extended-stay equivalent of RevPAR — total room revenue divided by available suites over a period. The metric exists because extended-stay properties sell suites with kitchenettes and separate living space rather than standard rooms. RevPAS comparisons are typically made against the STR Extended-Stay segment rather than transient comp sets. The segment runs higher GOPPAR margins (45-55%) due to weekly housekeeping and lower variable cost.

Which REITs own extended-stay hotels?

Apple Hospitality REIT (APLE) is the largest pure-play public exposure with 220+ select-service and extended-stay properties. Brand owners — Marriott (MAR), Hilton (HLT), IHG, and Choice (CHH) — collect franchise fees on Residence Inn, Home2 Suites, Staybridge, WoodSpring respectively. Extended Stay America was taken private 2021 by Blackstone + Starwood for $6B.

Extended Stay KPIs.

Extended-Stay hotels are lodging properties optimized for stays of 5+ nights, anchored by in-room kitchenettes, larger suites, and weekly housekeeping schedules instead of daily turn. The economic model has lower variable cost per occupied room (30-40% less labor than transient hotels) and higher GOPPAR margins (typically 45-55%). RevPAS (Revenue Per Available Suite) often replaces RevPAR. Brand operators include Marriott (Residence Inn, TownePlace), Hilton (Home2 Suites, Homewood), IHG (Candlewood, Staybridge), and Choice (WoodSpring, MainStay). Apple Hospitality REIT (APLE) is the canonical public REIT comp; Extended Stay America was taken private by Blackstone + Starwood for $6B in 2021. Ilora.ai ingests USALI extended-stay P&Ls, STR Extended-Stay STAR Reports, length-of-stay distribution, and corporate negotiated rates, then benchmarks against Apple Hospitality (APLE) and brand-segment data. Ilora’s Extended-Stay agent surfaces RevPAS optimization, length-of-stay distribution patterns, and corporate-segment mix strategies for asset managers.

17 definitions · Sector: HOSPITALITY · Used by Ilora.ai specialist AI agents

NOI: Total revenue minus operating expenses (excludes financing and capital costs). The primary measure of property-level profitability.
Cap Rate: Net Operating Income divided by current property value. Expresses unleveraged annual yield as a percentage.
DSCR: Net Operating Income divided by total annual debt service. Lender-required cushion measure; below 1.0 means NOI cannot cover debt.
LTV: Loan amount divided by property value. Lower LTV = lower lender risk.
OER: Operating expenses divided by gross revenue. Lower is better, but varies by property type (hotels run higher than triple-net retail).
GRM: Property value divided by gross annual rental income. Quick valuation shortcut; less precise than cap rate.
IRR: Annualized return on investment accounting for time value of money across the full hold period.
CoC: Pre-tax annual cash flow divided by total cash invested. Measures the cash yield, not total return.
DCF: Valuation method that projects future cash flows and discounts them to present value at a chosen rate.
TTM: A rolling sum of the most recent 12 months. Smooths seasonality for KPI comparisons.
RevPAR: Total room revenue divided by available rooms over a period. Combines rate and occupancy into one metric.
ADR: Total room revenue divided by rooms sold. Measures pricing power.
Occupancy: Rooms sold divided by available rooms. Demand measure.
GOPPAR: Gross Operating Profit divided by available rooms. Profit-side complement to RevPAR.
TRevPAR: Includes room + F&B + ancillary revenue divided by available rooms. Captures total guest spend, not just rooms.
CPOR: Variable costs divided by rooms sold. Used to compare cost efficiency between properties of different scale.
Flow-Through: Incremental GOP as a percent of incremental revenue. Measures how well a property converts revenue gains into profit.

Sub-types

Sub-types within Extended Stay.

Economy Extended-Stay: WoodSpring Suites, InTown Suites — workforce, weekly-rate model.
Mid-Scale Extended-Stay: Candlewood, MainStay — basic kitchenettes, mid-tier rate.
Upper Mid-Scale Extended-Stay: Residence Inn, Homewood, Staybridge — full kitchens, larger suites.
Upscale Extended-Stay: Element, Sonesta ES Suites — design-forward upper-tier.

Industry reference

How the extended stay sector operates.

Comparable public REITs / operators

APLE (Apple Hospitality REIT — large select-service + extended-stay portfolio)
CHH (Choice Hotels — WoodSpring + MainStay franchisor)
MAR (Marriott — Residence Inn, TownePlace, Element franchisor)
HLT (Hilton — Home2, Homewood franchisor)
IHG (Staybridge, Candlewood franchisor)

Frequently asked

Common questions about extended stay.

What is RevPAS and how does it differ from RevPAR?: RevPAS (Revenue Per Available Suite) is the extended-stay equivalent of RevPAR — total room revenue divided by available suites over a period. The metric exists because extended-stay properties sell suites with kitchenettes and separate living space rather than standard rooms. RevPAS comparisons are typically made against the STR Extended-Stay segment rather than transient comp sets. The segment runs higher GOPPAR margins (45-55%) due to weekly housekeeping and lower variable cost.
Which REITs own extended-stay hotels?: Apple Hospitality REIT (APLE) is the largest pure-play public exposure with 220+ select-service and extended-stay properties. Brand owners — Marriott (MAR), Hilton (HLT), IHG, and Choice (CHH) — collect franchise fees on Residence Inn, Home2 Suites, Staybridge, WoodSpring respectively. Extended Stay America was taken private 2021 by Blackstone + Starwood for $6B.