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Exploring Size, Share, Trends, and Global Forecast in the Extended Stay Hotel Market Through 2032 || Marriott International Inc., Hilton Worldwide Holdings Inc., Hyatt Hotels Corporation
Extended Stay Hotel Market
The Business Research Company's Extended Stay Hotel Global Market Report 2023 identifies 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.
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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Major competitors 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.
A key trend in the extended stay hotel market includes innovations in extended-stay hotels. 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.
Read More On The Global Extended Stay Hotel Market Report Here: https://www.thebusinessresearchcompany.com/report/extended-stay-hotel-global-market-report
The extended stay hotel marketis 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
6) By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the extended stay hotel market.
The Business Research Company's "Global Extended Stay Hotel Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Extended Stay Hotel Market Include:
1. Executive Summary
2. Extended Stay Hotel Market Characteristic
3. Extended Stay Hotel Market Trends And Strategies
4. Extended Stay Hotel Market - Macro Economic Scenario
5. Extended Stay Hotel Market Size And Growth
……………
27. Extended Stay Hotel Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Extended Stay Hotel Market
29. Extended Stay Hotel Market Future Outlook And Potential Analysis
30. Appendix
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