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Extended Stay Hotel Market Analysis: Share, Growth, Key Trends, and Forecast Insights for 2024-2033
Extended Stay Hotel Global Market Report 2024
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
Extended Stay Hotel Market 2024 Key Insights:
• 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%.
• Global Tourism Boosts Extended-Stay Hospitality Market
• Innovations Transforming The Extended-Stay Hotels Market
• North America was the largest region in the extended stay hotel market in 2023
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