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NexGen acquires Fairfield Inn & Suites in Tamarac, FL

This is the Illinois-based firm’s third acquisition this year

NexGen acquires Fairfield Inn & Suites in Tamarac, FL

NEXGEN HOTELS RECENTLY acquired the Fairfield Inn & Suites by Marriott Fort Lauderdale Northwest in Tamarac, Florida. Hollywood, Florida-based AD1 Global will manage the 120-room property.

Itasca, Illinois-based NexGen is led by principals Chris and Ron Patel. This marks their third acquisition of 2024, following the November purchase of the 150-room Maritime Hotel Fort Lauderdale Airport & Cruiseport in Fort Lauderdale.


“We are thrilled to add the [new hotel] to the NexGen portfolio,” said Chris Patel. “The Fort Lauderdale area remains a key market for us, and the Fairfield Inn brand is a good fit for both the area and our portfolio.”

The hotel is on the Colony Golf Course 12 miles from Fort Lauderdale International Airport. It also is near HCA Florida Woodmont Hospital and University, Sawgrass Mills Mall, Amerant Bank Arena, Florida Panthers IceDen, Tamarac Sports Complex, and various shopping, dining, and entertainment venues. Amenities include an outdoor pool and fitness center.

In May, NexGen acquired the 137-room Hotel Versey in Chicago, marking their first acquisition of 2024. The hotel will be managed by Genuine Hospitality Group of St. Louis.

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US Extended-Stay Hotels Outperforms in Q3

Report: Extended-stay hotels outpace industry in Q3

Summary:

  • U.S. extended-stay hotels outperformed peers in Q3, The Highland Group reported.
  • Demand for extended-stay hotels rose 2.8 percent in the third quarter.
  • Economy extended-stay hotels outperformed in RevPar despite three years of declines.

U.S. EXTENDED-STAY HOTELS outperformed comparable hotel classes in the third quarter versus the same period in 2024, according to The Highland Group. Occupancy remained 11.4 points above comparable hotels and ADR declines were smaller.

The report, “US Extended-Stay Hotels: Third Quarter 2025”, found the largest gap in the economy segment, where RevPAR fell about one fifth as much as for all economy hotels. Extended-stay ADR declined 1.4 percent, marking the second consecutive quarterly decline not seen in 15 years outside the pandemic. RevPAR fell 3.1 percent, reflecting the higher share of economy rooms. Excluding luxury and upper-upscale segments, all-hotel RevPAR dropped 3.2 percent in the third quarter.

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