Press release
Extended Stay Hotel Market: Explosive Growth, CAGR of 7.7%, and Key Driving Factors
What Is The Projected Market Size Of The Global Extended Stay Hotel Market And Its Growth Rate?
•Current Market Size: $57.09 billion (As of 2024)
•Expected Market Size: $61.3 billion (By 2025 at a CAGR of 7.4%)
•Projected Market Size: $82.41 billion (By 2029 at a CAGR of 7.7%)
This growth can be attributed to the shift in housing preferences, remote work culture, growth in medical tourism, sustainability and wellness focus, and family travel accommodations.
What Is Driving The Growth In The Extended Stay Hotel Market?
The growth of the extended-stay hotel market is driven primarily by the growing tourism sector. As individuals travel to new locations for personal, business, or professional reasons, extended-stay hotels offer home-like comfort with various amenities and services, such as cleaning and cooking. This helps them stay productive in a new city or location. The rise in international visitor numbers, as evidenced by the increase from 31.2 million (2022) to 38.0 million (2023) visits to the UK, further propels the growth of this market.
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Who Are The Key Players Driving Extended Stay Hotel Market Growth?
Key players in the market include:
•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.
•The Ascott Limited
•Sonder Holdings Inc.
What Are The Key Trends In The Extended Stay Hotel Market?
Key trends in the market:
•Remote Work Culture
•Growth in Medical Tourism
•Sustainability and Wellness Focus
•Shift in Housing Preferences
•Family Travel Accommodations
What Are The Segments Of The Global Extended Stay Hotel Market?
The market can be segmented by:
•Type: Economic, Middle, Luxury
•Stay Duration: Weekly, Long Term
•Tourist Type: Domestic, International
•Booking Channel: Online, On Phone, In-Person
•Application: Travelers, Business Customers, Trainers And Trainees, Government And Army Staff, Other Applications
Which Region Leads The Extended Stay Hotel Market?
North America was the largest region in the extended stay hotel market in 2024. The regions considered in this report also include Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa.
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What Is Covered In The Extended Stay Hotel Market Global Market Report?
- Market Size Analysis: Analyze the Extended Stay Hotel Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Extended Stay Hotel Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Extended Stay Hotel Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Extended Stay Hotel Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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