Extended Stay America occupancy
dipped slightly year over year during the second quarter, by 130 basis points
to 77.6 percent. President and CEO Jonathan Halkyard attributed the softness to
tough year-on-year comparisons from the hurricanes in Texas and Florida that
boosted ESA's second-quarter 2017 business. Average daily rate rose 3.4 percent
year over year in the second quarter to $69.50. The company continued its
strategic plan both to franchise properties and to grow its owned-asset
portfolio. As of June 30, ESA's pipeline stood at 34 hotels, or 4,200 rooms,
more than half of which are comprised of franchised properties. Its net income
rose 31.9 percent year over year during the second quarter to $65.6 million.
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