The global Extended Stay Hotel market accounted for US$ 16028.72 million in 2020 and is estimated to be US$ 28524.60 million by 2030 and is anticipated to register a CAGR of 6.0%.
Extended Stay Hotel Market Overview:
The tourism industry is developing with an increasing number of participants and travel in leisure and outdoor activities. Since the tourism industry and hospital industry are positively correlated, hospitality industry is expected to grow as the number of travelers in tourism industry increases. Therefore, the hospitality sector is always trying to come up with new ideas and innovations when it comes to accommodation.
Accommodation plays an important role, so accommodation providers must plan and design accommodation based on a number of factors such as space, comfort, amenities, water supply, energy supply, environmental guidelines, traveler safety, and more.
Extended stay hotels are a perfect example of accommodation development in the hospitality industry. An extended hotel stay is far different than a hotel and offers travelers a unique accommodation experience. Additionally, the basics and features of extended stay hotels are far more flexible than hotel accommodations. Hence, extended stay hotels are popular with travelers.
Extended Stay Hotel Market size, estimates and forecasts are provided in terms of sales volume (K units) and revenue (million USD), with historical and forecast data for the period 2017 to 2030, with 2022 being considered as the base year. This report segments the global Extended Stay Hotel Market in detail. Regional market sizes related to products by type, by application, and by player are also delivered. In estimating the size of the market, we took into account the impact of COVID-19 and the Russian-Ukraine war.
Key Market Updates:
- In 2022, Wyndham announced the launch of an economy extended-stay branded hotel under the project name Echo. Wyndham has signed the first 50 hotels to develop extended-stay hotel projects. The prototype features single and suite kitchenettes in a 300-square-foot studio suite.
- In 2022, Aimbridge Hospitality acquires the 89-room Staybridge Suites Eagan, the 94-room Extended Stay America, and Candlewood Suits, and adds three extended-stay hotels to its portfolio.
Major Market Segments Covered in Extended Stay Hotel Market Industry Research:
Market Key Players:
Hilton Worldwide, Hyatt Hotel, Choice Hotels International, InterContinental Hotels Group (IHG), Marriott International, Wyndham Hotel Group, Holiday Inn., Extended Stay America, Candlewood Suits, Oyo rooms, Orange Hotel, 7 Days Inn, Ibis, And Others.
- Economic Type Extended Stay Hotel
- Middle Type Extended Stay Hotel
- Luxury Type Extended Stay Hotel
- Business Customers
- Trainers and Trainees
- Government and Army Staff
Tourism in India is a mix of cultures, diversity, heritage, and pilgrims. Millions of travelers come to India for a variety of reasons, including learning about Indian culture, participating in activities and events, and studying heritage. Apart from this, various people visit faith-based tourism in India for pilgrims. India is known for its spirituality and encourages spiritual tourism. Also, various travelers visit India for ecotourism and Ethno tourism. India has many ecological places and India has many traditions, food, and other cultures to discover. Therefore, international tourists visiting India look for accommodations where they can enjoy these activities. Hence, the demand for extended-stay hotels in India may be high.
Millions of students and workers travel to the United States each year to find jobs or study at institutions. Few people travel for business projects or academic programs. Therefore, the number of temporary immigrants in the United States is increasing significantly. They seek temporary accommodation when visiting for a specific term of office. There are many options, including hostels, hotels, and postels, but travelers are particularly looking for small, comfortable, and budget-friendly accommodations. Extended-stay hotels provide a comfortable stay by keeping you comfortable, cooking food, and providing certain amenities. As such, it helps drive the extended stay hotel market in the United States.
- North America
- Rest of North America
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia-Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
Significant Market Dynamics:
- Cost-effective apartments are fueling market growth.
- Availability of facilities that provide the comforts of home, such as laundry, cleaning, laundry, kitchen, etc.
- Growing demand from customers for healthy, green options
- Introduction of flexible spaces such as outdoor kitchens
- Travel restrictions due to COVID-19 have negatively impacted the extended-stay hotel market. Online reservations are not completed due to the lockdown, impacting revenue.
- Easy availability of online booking is fueling the market growth.
- Expansion of PR activities
- Additional payments for storage of pets and kitchen utensils
- Not available in small towns and remote locations
Extended Stay Hotel Market report scope:
Crucial points from this Extended Stay Hotel Market Report
- Estimate Extended Stay Hotel Market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, applications and by different industry verticals.
- Understand the supply chain in depth on the value growth at each step, in order to optimize value and bring effectiveness in your processes.
- Know the different dynamics affecting the market - challenges, key driving factors and opportunities.
- Get a quick viewpoint on the Extended Stay Hotel Market entropy - M&A's, deals, partnerships, product launches of all key companies for the historical 5 years.
- Estimate the supply-demand gaps, import-export data and regulatory landscape for more than top 20 countries worldwide for the market.
- Get complete insights on your competitor performance - market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
- Study the sales and distribution channels over key geographies to improve top-line revenues.
Frequently Asked Questions-
- What is the CAGR of Extended Stay Hotel Market?
- What are the key types of Extended Stay Hotel Market?
- What are the key applications of Extended Stay Hotel Market?
- Who are the key players in Extended Stay Hotel Market?