The extended stay hotel market is set to experience significant growth in the coming years, displaying a promising growth trajectory.
The hospitality industry is evolving, and extended stay hotels are leading the charge! This market, currently valued at a healthy USD 54.51 billion, is projected to experience a phenomenal 11.8% CAGR by 2033, reaching a staggering USD 166.58 billion. This presents a golden opportunity for decision-makers in the hospitality sector to cater to a growing segment of travelers. Here’s why you should extend your reach:
Meeting Traveler Needs:
- The rise of leisure travel and outdoor activities fuels demand for flexible accommodation options.
- Offer a unique experience that goes beyond traditional hotels, catering to longer stays and a more homey feel.
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Symbiotic Growth with Tourism:
- A thriving tourism industry translates to a thriving hospitality industry.
- Position yourself as the perfect partner for tourism boards and travel agencies to create attractive extended stay packages.
Innovation is Key:
- The hospitality sector thrives on new ideas and innovations.
- Design extended stay hotels with flexible layouts, essential amenities, comfortable living spaces, and a focus on guest comfort.
The Extended Stay Advantage:
- Catering to Diverse Guests: Target long-term business travelers, project teams, vacationing families, or digital nomads seeking a home base.
- Focus on Value: Offer competitive rates, bundled services like laundry or housekeeping, and a sense of community for extended stays.
- Embrace Technology: Develop user-friendly apps for booking, communication, and on-demand services to enhance guest experience.
- Sustainability Matters: Implement eco-friendly practices and energy-saving measures to attract environmentally conscious 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
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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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