The Business Research Company’s report on the Extended Stay Hotel Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
Which emerging drivers are set to accelerate the growth of the extended stay hotel market further?
The growing tourism sector is expected to propel the growth of the extended-stay hotel market going forward. Tourism is a cultural, social, and economic phenomenon involving individuals traveling to nations or locations beyond their typical environment for personal, business, or professional reasons. Extended-stay hotels offer travelers, business clients, and other people home-such as comfort by providing different amenities and services, such as cleaning and cooking, to help them stay productive in a new city or place. For instance, in May 2024, according to the Office for National Statistics, a UK-based executive office of the UK Statistics Authority, the number of visits to the UK by international visitors rose in 2023 compared to 2022, increasing from 31.2 million in 2022 to 38.0 million in 2023. Therefore, the growing tourism sector is driving the growth of the extended-stay hotel market.
Access Your Free Sample of the Global Extended Stay Hotel Market Report – Get Insights Now!
https://www.thebusinessresearchcompany.com/sample.aspx?id=12605&type=smp
What are the key factors influencing the forecasted market size of the extended stay hotel industry?
The extended stay hotel market size has grown strongly in recent years. It will grow from $57.09 billion in 2024 to $61.3 billion in 2025 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to business travel demand, economic factors, globalization, evolving travel, workforce mobility
The extended stay hotel market size is expected to see strong growth in the next few years. It will grow to $82.41 billion in 2029 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to remote work culture, growth in medical tourism, sustainability and wellness focus, shift in housing preferences, family travel accommodations. Major trends in the forecast period include flexible and hybrid spaces, tech integration for personalization, contactless services, enhanced amenities, health and safety standards.
Gain Exclusive Market Insights—Customize Your Research Report Today For Fast Delivery!
https://www.thebusinessresearchcompany.com/customise?id=12605&type=smp
Who are the leading competitors in the extended stay hotel market?
Major companies operating in the extended stay hotel market include Marriott International Inc., Hilton Worldwide Holdings Inc., Hyatt Hotels Corporation, Accor Group, G6 Hospitality LLC, InterContinental Hotels Group PLC, Wyndham Hotels & Resorts Inc., Choice Hotels International Inc., Extended-stay America Inc., The Ascott Limited, Sonder Holdings Inc., InTown Suites, Larkspur Landing, National Corporate Housing Inc., Kasa Living Inc., Domio Inc., Ginosi Corporation, Synergy Global Housing LLC, My Place Hotels of America LLC, Mint House Inc., Blueground, The Locale LLC, Bridge Street Motor Inn, Bungalow Hotel, Corporate Worldwide Stay LLP, Le Square Phillips, Les Suites Hotel, WaterWalk Hotel Apartments, Zeus Living Inc., Crestwood Suites Hotel
Which emerging trends are set to transform the extended stay hotel market landscape?
Innovations in extended-stay hotels are a key trend gaining popularity in the extended-stay hotel market. Major companies operating in the extended-stay hotel market are introducing innovative brands that provide a unique experience to sustain their position in the market. For instance, in May 2023, Hilton Inc., a US-based hotel company, launched Project H3, a lower-midscale extended stay brand. The new brand offers apartment-style lodging with a flexible layout and four unique areas for guests to rest, work, prepare meals, and refresh. This stay includes a fully furnished kitchen with a full-sized fridge, dishwasher, microwave, two-burner hob, and many more, and caters to guests that stay for at least 20 nights. The bottom floor and lobby would also house a front desk, fitness center, laundry room, and small retail store.
How do different geographies compare in terms of market share and growth potential in the extended stay hotel market?
North America was the largest region in the extended stay hotel market in 2024. The regions covered in the extended stay hotel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Order Your Report Now For Swift Delivery
https://www.thebusinessresearchcompany.com/report/extended-stay-hotel-global-market-report
Which major segments of the extended stay hotel market are experiencing the fastest growth?
The extended stay hotel market covered in this report is segmented –
1) By Type: Economic, Middle, Luxury
2) By Stay Duration: Weekly, Long Term
3) By Tourist Type: Domestic, International
4) By Booking Channel: Online, On Phone, In-Person
5) By Application: Travelers, Business Customers, Trainers And Trainees, Government And Army Staff, Other Applications
Subsegments:
1) By Economic: Budget Extended Stay Hotels, Economy Suites
2) By Middle: Midscale Extended Stay Hotels, Business Class Extended Stay Hotels
3) By Luxury: Upscale Extended Stay Hotels, Premium Extended Stay Suites
Purchase The Exclusive Report Now To Unlock Valuable Market Insights:
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=12605
How is the extended stay hotel market defined, and what are its core characteristics?
An extended stay hotel is an accommodation establishment designed to cater to individuals or groups who require lodging for an extended period, typically longer than a traditional short-term stay at a standard hotel. These hotels offer fully furnished suites or rooms with amenities such as kitchenettes or full kitchens, making them suitable for guests who need a place to stay for weeks, months, or even longer.
About The Business Research Company:
With over 15000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead.
Our flagship product, the Global Market Model, is a premier market intelligence platform delivering comprehensive and updated forecasts to support informed decision-making.
Contact Us:
The Business Research Company
https://thebusinessresearchcompany.com/
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: [email protected]
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
