Extended-stay mix

Definition

The share of rooms let by the week or month instead of by the night, and to whom.

Why It Matters

Long-stay guests smooth occupancy and they change what the property is. In many states a guest past a certain number of nights acquires tenancy rights, which means an eviction, not a checkout, and lenders and insurers price that risk differently. Ask for the length-of-stay distribution, the local threshold, and how the front desk handles it, because a motel run as unlicensed housing is a different asset than the one on the pro forma.