The extended stay hotel market is set to experience significant growth in the coming years, displaying a promising growth trajectory.
Projections indicate that by 2023, the market is expected to reach a notable value of US$ 54.51 billion, showcasing its strong growth potential. This positive momentum is projected to continue as the market steadily progresses at a rate of 11.8% throughout the forecast period.
By 2033, the extended stay hotel market is forecasted to achieve a substantial valuation of US$ 166.58 billion. The market is experiencing a significant surge in demand, driven by the growing trends of remote work and flexible travel.
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As more individuals opt for remote work arrangements and seek extended stays in different locations, the need for comfortable, home-like accommodations has risen.
Extended stay hotels provide the ideal solution, offering spacious rooms, amenities, and flexible booking options to cater to the needs of remote workers and travelers seeking longer-term stays.
This trend reflects a shift in the hospitality industry, with extended stay hotels redefining the concept of hospitality to meet the evolving demands of the modern workforce and travelers.
Extended stay hotels have emerged as a response to the changing needs of travelers. The rise of remote work and the gig economy has led to a growing number of professionals seeking flexible accommodation options for longer periods.
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Extended stay hotels excel in providing flexibility and cost-effectiveness. Unlike the rigid pricing structures of traditional hotels, extended stay accommodations offer discounted rates for longer stays. This makes them an attractive option for both business and leisure travelers, as well as individuals undergoing medical treatments or extended training programs.
Extended stay hotels may experience seasonal fluctuations in demand. While they often attract business travelers and individuals on long-term projects, leisure travelers may exhibit more seasonal patterns.
Operators need to develop strategies to maintain consistent occupancy rates throughout the year.
The future looks promising for the extended stay hotel market. As remote work becomes more prevalent and travel patterns evolve, the demand for flexible, comfortable, and cost-effective accommodations continues to rise.
Industry players are responding by innovating their services and amenities, integrating sustainability practices, and exploring new market segments.
Key Takeaways:
- The market for extended stay hotel in the United States of America was expected to capture a market value share of 2.6% in 2022.
- The United Kingdom extended stay hotel industry is anticipated to move forward at a rate of 6.0% from 2023 to 2033.
- In 2022, the market for extended stay hotels in Germany was to hold a 3.0% share on a global level.
- On the basis of stay duration, the weekly sub-segment is likely to be the prominent one, where it held about 18.0% share in 2022.
- The corporate professionals sub-segment, by end-use, was predicted to retain a value share of 25.0% in 2022.
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
How Strong Is the Competition in the Extended Stay Hotel Market?
The competition in the extended stay hotel industry is robust and dynamic. The market also sees significant competition from independent operators, boutique hotels, and niche providers targeting specific market segments.
These players strive to differentiate themselves by offering unique amenities, and personalized experiences, and catering to the evolving needs of travelers, such as remote workspaces and pet-friendly accommodations.
Technology integration, online booking platforms, and guest review sites also play a crucial role in influencing consumer choices. As a result, the competition in the market is driving continuous innovation and customer-centric approaches to gain a competitive edge, providing travelers with an array of options to choose from.
Segmentation Analysis
By Room Range Types:
- Economic Range
- Middle Range
- Luxury Range
By End User:
- Travellers
- Corporate Professionals
- Management Trainees
- Students
By Stay Duration:
- Long Term
- Monthly
- Weekly
- Daily
By Booking Channel:
- Online Booking
- In-Person Booking
- Phone Booking
By Tourist Type:
- Domestic
- International
By Consumer Orientation:
- Men
- Women
- Children
- Children
By Age Group:
- 15-25 Years
- 26-35 Years
- 36-45 Years
- 46-55 Years
- 66-75 years
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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