Global Extended Stay Hotel
Market Report
2024
The Global Extended Stay Hotel market size is USD 49.6 billion in 2022 and will grow at a compound annual growth rate (CAGR) of 6.90% from 2023 to 2030.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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According to Cognitive Market Research, The Global Extended Stay Hotel market size is USD 49.6 billion in 2022 and will grow at a compound annual growth rate (CAGR) of 6.90% from 2023 to 2030.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Extended Stay Hotel Market Sales Revenue 2023 | $ 49.6 Billion |
Global Extended Stay Hotel Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 6.9% |
Market Split by Room Range Type |
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Market Split by End-User |
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Market Split by Stay Duration |
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Market Split by Booking Channel |
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Market Split by Tourism Type |
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Market Split by Consumer Orientation |
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Market Split by Age Group |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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Report scope is customizable as we have a huge database of Extended Stay Hotel industry. We can deliver an exclusive report Edition/Consultation as per your data requirements. Request for your Free Sample Pages.
Extended Stay Hotel Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
The rising desire for long-term lodging options has contributed to the tremendous rise of the extended-stay hotel market in recent years. These hotels cater to customers who need stays of a week or longer by offering a mix of hotel-like services and apartment-style facilities. They are popular with business travelers, project-based workers, people moving, and other visitors.
These developments empower businesses to offer better-tailored solutions and services, which, in turn, contribute to the growth of the Extended stay hotel industry.
For instance, with the launch of a new extended stay lodging brand, Marriott International announces plans to grow in the affordable midscale segment.
A significant market driver for extended-stay hotels has been the increasing need for customizable lodging options. This is a result of the growing number of travelers looking for adaptable and affordable lodging options. This includes those who are traveling for extended periods for work, paying visits to family and friends, or simply looking for a different kind of travel experience. With the convenience of amenities, services, and extended-stay hotels, travelers may experience the coziness of a home away from home.
In the United States, 833 hotels opened, 29% of which were extended-stay establishments, according to Hotel Tech Report, which draws its data from sources like the American Hotel & Lodging Association and Statista.
(Source:hoteltechreport.com/news/hospitality-statistics)
The market for extended-stay hotels has undergone a revolution because of more people traveling for business advances. Another significant growth driver of the global market for extended-stay hotels is an increase in business travelers. Given that they frequently spend more than a few days in the town on business, business travelers are more likely to need longer stays. Extended stay hotels, which provide facilities, services, and convenience at an affordable price, are becoming more and more popular as a result. Extended-stay hotels are a good option for individuals who need a longer stay because they frequently provide additional savings and promotions for business travelers.
Hyatt plans to open 48 new Hyatt Place and Hyatt House hotels in the Americas by 2023 as part of its strategy to accelerate the growth of its top-performing select service brands.
Since short-term rentals are often more expensive than long-term ones, many travelers find them to be less appealing. Additionally, many people, who often favor less costly choices, find the expense of hiring a hotel room for a brief trip to be rather excessive. As a result, a significant issue that may restrain the growth of the worldwide extended-stay hotel market is the high cost of short-term leases.
COVID-19 significantly impacted the tourism industry, and the hospitality sector had the worst decline in business and potential clients. In contrast, hotels in post-COVID situations continued to struggle with a lack of business due to the preventive measures followed by governments in various regions and the fear of contracting the disease discouraging travelers from staying in hotels. This was due to a lack of opportunities and a lack of demand in the hospitality industry. In the meantime, it is anticipated that extended-stay hotels will experience sustainable development in the post-pandemic environment. The foundations of extended-stay hotels enable guests to stay as comfortably as they would at home without running the danger of contracting an infectious disease.
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The market for extended stay hotels has a very active and diverse competitive environment. It comprises various providers, from significant multinational corporations to smaller specialized organizations. Due to globalization and technological development, there is fierce competition among businesses to provide cutting-edge solutions.
March 2022: The world's largest hotel franchisor, Wyndham Properties & Resorts, which operates around 9,000 properties in nearly 95 countries, today disclosed fresh information regarding its planned economy extended-stay hotel brand. With its first two partners, Sandpiper Hospitality in Richmond, Virginia, and Gulf Coast Hotel Management in Dallas, Texas, it just received contracts to build 50 new construction projects.
February 2021: For visitors booking extended stays, Marriott International has released a new mobile app. In anticipation of greater interest in travel, the Marriott Bonvoy mobile app has been updated to provide a more intuitive and personalized experience.
Top Companies Market Share in Extended Stay Hotel Industry: (In no particular order of Rank)
If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.
According to Cognitive Market Research, North America dominated the market in 2022 and accounted for a share of more than 35% of the global revenue due to several variables. The North American region dominates the market for extended-stay hotels. The reasons for this include an increase in business travel, an increase in leisure travel, and a growth in demand for longer-term stays, among other things. Due to their convenience and affordability, extended-stay hotels are becoming more and more popular with business travelers.
The Asia Pacific region's strong economy and significant presence of multinational firms create a considerable demand for extended-stay hotels, which promotes global trade and business growth. Additionally, with a large number of chains and independent establishments all across the country, China is a significant market for extended-stay hotels. Similar to China, albeit to a lesser level, India also has a noticeable presence of extended-stay hotels.
The current report Scope analyzes Extended Stay Hotel Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
The above graph is for illustrative purposes only. To learn more about geographical trends request the free sample pages. Contact US!
Global Extended Stay Hotel Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Extended Stay Hotel Industry growth. Extended Stay Hotel market has been segmented with the help of its Room Range Type, End-User Stay Duration, and others. Extended Stay Hotel market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
According to Cognitive Market Research, the economic range is the item that is utilized the most frequently in the market for extended-stay hotels. The most prevalent kinds of extended-stay hotels are those in the affordable price category. They are made to offer guests who must stay for an extended period—often weeks or months—cheap and comfortable lodging. These accommodations frequently provide standard features, including a kitchenette, laundry rooms, and free WiFi.
Middle-range extended-stay hotels are the second-most used product. While economic-range extended-stay hotels rule the market, middle-range extended-stay hotels are still necessary for some extended-stay hotels. Extended-stay hotels in the middle range provide a greater standard of amenities and services than hotels in the lower range. They could offer suites and larger rooms in addition to extra features like a business center, fitness center, and swimming pool.
The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Extended Stay Hotel Industry. Request a Free Sample PDF!
Travelers is the extended stay hotel market's most popular offering. For travelers who must stay in an area for a longer amount of time, such as for a business trip, vacation, or relocation, extended-stay hotels are a popular option. The ease of having a fully furnished flat with a kitchen, living room and bedroom, as well as the freedom to come and go as they want, is available to travelers.
According to Cognitive Market Research, corporate professionals are the second-most popular product. Extended-stay hotels are a popular option for business travelers who require a longer stay in a location, such as for a project, training course, or relocation. Business travelers can appreciate the convenience of a fully furnished flat that includes a kitchen, living room and bedroom in addition to the extras that many extended stay hotels provide, such as business centers, fitness centers and laundry facilities.
The above Graph is for representation purposes only. This chart does not depict actual Market share. Please purchase the Extended Stay Hotel market report 2024 Edition by contacting our team.
According to Cognitive Market Research, weekly, notably in the legal sector, are the most extensively used product in the extended stay hotel market. With a sizable market share, this is the most typical stay duration type for extended-stay hotels. A variety of travelers, including business travelers, vacationers, and families, favor weekly stays. They provide a nice mix of adaptability, economy, and a more engaging experience.
The extended stay hotel for monthly offering ranks second in usage. Monthly stays are also common, particularly with business travelers and families that need to stay there for a long time. Discounted rates and extras like free parking and laundry are frequently available for monthly stays.
Online booking is the extended stay hotel market's most popular offering. Over 50% of all reservations for hotels offering longer stays are made through this channel. Online travel agencies (OTAs), hotel websites, and metasearch engines are examples of online booking systems.
According to Cognitive Market Research, phone booking is the second-most popular product. Another well-liked method for booking extended-stay hotels is by phone, particularly for business travelers. To make a reservation, guests can either phone the hotel directly or use a third-party service.
The domestic is the extended stay hotel market's most popular offering. They are frequently found in convenient locations, such as close to highways, airports, and business districts, making them ideal for long-term stays as fully equipped kitchens, on-site laundry facilities, and separate living and sleeping areas, extended stay hotels are frequently more affordable than traditional hotels for long-term stays.
According to Cognitive Market Research, international is the second-most popular product. Long-term travel is becoming more and more common, and there are also more international students and business travelers.
The men are the extended stay hotel market's most popular offering. Men are more likely than women to stay in extended-stay hotels for a variety of reasons. Men are more likely than women to travel for business, which frequently necessitates lengthier stays. Second, men are more likely to work in fields like construction or other occupations that require frequent long-distance travel.
According to Cognitive Market Research, women corporate professionals are the second-most popular product. Women who frequently travel on business are included in this section. Businesswomen often search for extended-stay hotels that provide pleasant and roomy lodgings, useful amenities, and a secure atmosphere.
Research associate at Cognitive Market Research
Swasti Dharmadhikari, an agile and achievement-focused market researcher with an innate ardor for deciphering the intricacies of the Service & Software sector. Backed by a profound insight into technology trends and consumer dynamics, she has committed herself to meticulously navigating the ever-evolving terrain of digital Services and software solutions.
As a research analyst, Swasti brings a unique blend of analytical prowess and strategic thinking to the table. With an expertise in market research analysis, She is adept at dissecting complex problems, extracting meaningful insights, and translating them into actionable recommendations. Her passion lies in leveraging data-driven approaches to guide decision-making and drive organizational success.
I played a central role in market research endeavors and competitive analysis. I have a demonstrated ability to leverage diverse data sources, employing advanced analytics tools to discern patterns and trends. My collaborative approach facilitated effective communication of insights, fostering a culture of data-driven decision-making within the organization. I am committed to continuous professional development, actively seeking opportunities for skill enhancement through workshops, industry conferences, and staying abreast of emerging trends in research methodologies.
Our study will explain complete manufacturing process along with major raw materials required to manufacture end-product. This report helps to make effective decisions determining product position and will assist you to understand opportunities and threats around the globe.
The Global Extended Stay Hotel Market is witnessing significant growth in the near future.
In 2023, the Economic Range segment accounted for noticeable share of global Extended Stay Hotel Market and is projected to experience significant growth in the near future.
The Travelers segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies Hilton Worldwide , InterContinental Hotels Group and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
Disclaimer:
Room Range Type | Economic Range, Middle Range, Luxury Range |
End-User | Travelers, Corporate Professionals, Management Trainees, Students |
Stay Duration | Long Term, Monthly, Weekly, Daily |
Booking Channel | Online Booking, In-Person Booking, Phone Booking |
Tourism Type | Domestic, International |
Consumer Orientation | Men, Women, Children |
Age Group | 15-25 Years, 26-35 Years, 36-45 Years, 46-55 Years, 56-75 Years |
List of Competitors | Hilton Worldwide, Choice Hotels International, InterContinental Hotels Group, Holiday Inn, Marriot, Hyatt, Wyndham Hotel Group, Extended-stay America, Candlewood Suites, OYO Rooms, Orange Hotel, 7 Days Inn, Ibis |
This chapter will help you gain GLOBAL Market Analysis of Extended Stay Hotel. Further deep in this chapter, you will be able to review Global Extended Stay Hotel Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
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Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Chapter 2 North America Market Analysis
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Qualitative Analysis for the North America Market: North America Extended Stay Hotel Market Trends North America Extended Stay Hotel Technological Road Map North America Extended Stay Hotel Market Drivers North America Extended Stay Hotel Market Restraints North America Extended Stay Hotel Market Opportunity Market Attractiveness Analysis COVID – 19 Impact Analysis PESTEL Analysis Porter’s Five Forces Analysis Product Life Cycle Industrial Chain Analysis
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Chapter 3 Europe Market Analysis
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Chapter 4 Asia-Pacific Market Analysis
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Chapter 5 South America Market Analysis
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Chapter 6 Middle East and Africa Market Analysis
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Chapter 7 Top 10 Countries Analysis
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Room Range Type Analysis 2019 -2031, will provide market size split by Room Range Type. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Room Range Type Analysis 2019 -2031
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Chapter 11 Market Split by End-User Analysis 2019 -2031
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Chapter 12 Market Split by Stay Duration Analysis 2019 -2031
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Chapter 13 Market Split by Booking Channel Analysis 2019 -2031
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Chapter 14 Market Split by Tourism Type Analysis 2019 -2031
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Chapter 15 Market Split by Consumer Orientation Analysis 2019 -2031
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Chapter 16 Market Split by Age Group Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Extended Stay Hotel market
Chapter 17 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Economic Range have a significant impact on Extended Stay Hotel market? |
What are the key factors affecting the Economic Range and Middle Range of Extended Stay Hotel Market? |
What is the CAGR/Growth Rate of Travelers during the forecast period? |
By type, which segment accounted for largest share of the global Extended Stay Hotel Market? |
Which region is expected to dominate the global Extended Stay Hotel Market within the forecast period? |
Segmentation Level Customization |
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Region level Data Customization |
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Country level Data Customization |
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Company Level |
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Additional Data Analysis |
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Additional Qualitative Data |
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Additional Quantitative Data |
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