Extended Stay America’s CEO Bruce Haase highlighted a new opportunity for the hotel operator to attract college students needing a place to live and study remotely because of COVID-19.
On the hospitality company’s second-quarter earnings call on Wednesday, Haase briefly mentioned a new initiative called “Stay Smart,” which he explained allows for “use of our hotels and our internet and our facilities for the day or for the week for folks that need to get out of their house and have a quiet place to work.”
“We will see if it works. But I think that’s a good indication of how you know this, this business and our sales and revenue management, find opportunities,” Haase added.
With college campuses across the U.S. shifting to online learning, Extended Stay, which generally benefits from business travel, is offering a haven for remote learning.
“With the importance of social distancing due to the COVID-19 crisis, many colleges and universities are reducing the amount of dormitory rooms that will be available this fall. Finding college housing is going to be overwhelming for many,” the company’s website states.
On its website, Extended Stay touts that its College Stay Smart program requires no deposit or contract, and it includes amenities such as free Wi-Fi and cable TV. The rooms are also fully-furnished with sheets and towels and guest services.
Shares of Extended Stay America, Inc. (STAY), and its paired-share REIT, ESH Hospitality, Inc., ended Friday’s session up 1.5 percent, or 19 cents, to close at $12.88.