current rental experience . “ From a hotel perspective , you can see this great convergence of work , travel and life , and putting them all together in a single platform that delivers a better experience informed by our hospitality backgrounds ,” he says . “ It also offers a way for people to live at The Guild for days , weeks , months or years – all on the same platform .”
That flexible work environment where people are not working from anywhere in particular is extending into how even corporations book space , Carrico contends , adding that he is continuing to see faster shifts toward this type of product locked up for weeks or months at a time . “ Instead of booking those traditional hotels and flying in and out every Monday through Friday , more and more we are seeing an incredible pickup in corporate demand , especially over the past six months ... Our portfolio averages 136 % penetration against the hotel comp set blended across the entire country in the last couple of weeks . It ’ s a really interesting example of how travel , work and how people live is becoming increasingly intertwined .”
Elaborating on performance , Carrico says average length of stay is at 7.8 days and The Guild must maintain extremely high activity levels today because there are
still a lot COVID-related cancellations , especially on the short-term rental side . “ We ’ ve been able to backfill that with a lot of corporate group business ... We have more than made up for the wash outs over the last few months . And , in particular , this month , we ’ ve jumped out to some especially strong performances in every single market because we have that ability to lock in that type of business .”
For the longer-term rental business , Carrico says the market is strong and renewal rates have been high .
In closing , Carrico says , “ The world is becoming more hospitality focused . So , we ’ re in great position as hospitality professionals to influence that and help create better services and better experiences .”
The move into this alternative lodging space is a signal to the world , Carrico says , that there is a movement into the rental world that combines and creates hospitality living . Yes , there has been luxury residential development but now , he says , but opportunities are moving into the accessible rental space – not just pure luxury . “ We want everybody that walks into the building to have a great experience and feel like they ’ re getting a true hospitality experience that is tech driven , but also personalized and thoughtfully put forth .”
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