Estimated Growth Potential Of The Extended Stay Hotel Market 2023-2032
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
As per The Business Research Company’s Extended Stay Hotel Global Market Report 2023, the worldwide extended stay hotel market is projected to expand from $18.33 billion in 2022 to $19.57 billion in 2023, reflecting a 6.8% compound annual growth rate (CAGR). Anticipated growth will drive the extended stay hotel market to reach $25.17 billion in 2027 at a CAGR of 6.5%.
North America held the largest extended stay hotel market share.
Extended Stay Hotel Market Driver
The expanding tourism industry is set to drive growth in the extended-stay hotel market. Tourism encompasses people traveling for various purposes outside their usual environment, be it for leisure, business, or other professional reasons. Extended-stay hotels provide visitors and business travelers with a homely atmosphere and a range of amenities, including housekeeping and kitchen facilities, to ensure their productivity during stays in new locations. For instance, as of June 2022, the U.S. Department of Commerce reported an increase in international visitors to the United States, rising from 19.2 million in 2020 to 22.1 million in 2021. Hence, the thriving tourism sector fuels the extended-stay hotel market’s expansion.
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Key Extended Stay Hotel Market Segments
The global 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
Extended Stay Hotel Market Prominent Players
Major players in the extended stay hotel market 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., and Crestwood Suites Hotel.
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Prominent Extended Stay Hotel Market Trend
Innovations in extended-stay hotels are a significant trend in the extended-stay hotel market. Major companies in this market are launching innovative brands to offer unique experiences and maintain their market position. For instance, in May 2023, Hilton Inc., a US-based hotel company, introduced Project H3, a lower-midscale extended stay brand. This brand provides apartment-style accommodations with a flexible layout encompassing areas for relaxation, work, meal preparation, and rejuvenation. Each unit features a fully equipped kitchen, including a full-sized refrigerator, dishwasher, microwave, a two-burner stovetop, and more, catering to guests with stays of at least 20 nights. Additionally, the ground floor and lobby will house amenities like a front desk, fitness center, laundry facilities, and a small retail store.
The Extended Stay Hotel Global Market Report 2023 provides comprehensive insights on the extended stay hotel market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the extended stay hotel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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