The Extended Stay Hotel Global Market Report 2023, provides comprehensive information on the extended stay hotel market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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As per The Business Research Company’s Extended Stay Hotel Global Market Report 2023, the global extended stay hotel market is expected to grow from $18.33 billion in 2022 to $19.57 billion in 2023 at a compound annual growth rate (CAGR) of 6.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and resulted in increased interest rates affecting many markets across the globe. The extended stay hotel market is expected to reach $25.17 billion in 2027 at a CAGR of 6.5%.
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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.
The extended stay hotel market 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 2022.
The table of contents in TBRC’s extended stay hotel market report includes:
- Executive Summary
- Extended Stay Hotel Market Characteristics
- Extended Stay Hotel Market Trends And Strategies
- Extended Stay Hotel Market – Macro Economic Scenario
- Global Extended Stay Hotel Market Size and Growth
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- Extended Stay Hotel Market Other Major And Innovative Companies
- Global Extended Stay Hotel Market Competitive Benchmarking
- Global Extended Stay Hotel Market Competitive Dashboard
- Key Mergers And Acquisitions In The Extended Stay Hotel Market
- Extended Stay Hotel Market Future Outlook and Potential Analysis
Top Major Players
- Marriott International Inc.
- Hilton Worldwide Holdings Inc.
- Hyatt Hotels Corporation
- Accor Group
- G6 Hospitality LLC
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The Business Research Company is a market intelligence firm that pioneers in market, company, and consumer research. TBRC’s specialist consultants are located globally and are experts in a wide range of industries that include healthcare, manufacturing, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries. Through the report businesses can gain a thorough understanding of the market’s size, growth rate, major drivers and leading players.
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