Overview and Scope
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.
Sizing and Forecast
The extended stay hotel market size has grown strongly in recent years. It will grow from $19.57 billion in 2023 to $20.88 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. 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 $27.17 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. 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.
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Segmentation & Regional Insights
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
North America was the largest region in the extended stay hotel market in 2023. The regions covered in the extended stay hotel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
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-like 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 June 2022, according to the U.S. Department of Commerce, a US-based administration, the number of international visitors to the United States increased to 22.1 million in 2021, up from 19.2 million in 2020. Therefore, the growing tourism sector is driving the growth of the extended-stay hotel market.
Key Industry Players
Major companies operating in the extended stay hotel market report are 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
The extended stay hotel market report table of contents includes:
1. Executive Summary
2. Extended Stay Hotel Market Characteristics
3. Extended Stay Hotel Market Trends And Strategies
4. Extended Stay Hotel Market – Macro Economic Scenario
5. Global Extended Stay Hotel Market Size and Growth
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32. Global Extended Stay Hotel Market Competitive Benchmarking
33. Global Extended Stay Hotel Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Extended Stay Hotel Market
35. Extended Stay Hotel Market Future Outlook and Potential Analysis
36. Appendix
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