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Comprehensive Extended Stay Hotel Market Insights: Forecasting Size, Growth, and Competitive Trends from 2025 to 2034
Extended Stay Hotel Market
The expansion of the tourism industry is predicted to fuel the development of the extended-stay hotel market in the future. Tourism involves individuals venturing to countries or areas beyond their usual surroundings for a variety of reasons, such as leisure, work, or business. With comprehensive facilities like cleaning and cooking, extended-stay hotels provide a home-like comfort to travelers, corporate clients, and many others, assisting them in staying efficient in a foreign city or location. In May 2024, the UK's Office for National Statistics reported a rise in international visits to the UK in 2023 compared to 2022. Specifically, the figure climbed from 31.2 million in 2022 to 38.0 million in 2023. This surge in the tourism industry is thus boosting the progress of the extended-stay hotel market.
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How will the growth rate of the extended stay hotel market shape industry trends by 2034?
Over the past few years, the extended stay hotel market has experienced notable growth. This market, estimated to be worth $57.09 billion in 2024, is projected to increase to $61.3 billion in 2025, reflecting a compound annual growth rate (CAGR) of 7.4%. Its growth during the historical period can be traced back to factors such as demand from business travellers, economic circumstances, globalization, the evolution of travel trends and an increasingly mobile workforce.
The market size for extended stay hotels is anticipated to experience robust expansion in the upcoming years, projecting to reach $82.41 billion in 2029 with a 7.7% compound annual growth rate (CAGR). This growth during the predicted duration can be credited to factors like the rise in the trend of remote working, an increase in medical tourism, emphasis on sustainability and wellness, changing housing trends, and suitable travel accommodations for families. The major trends likely to influence this sector during this forecast period involve the adoption of adaptable and hybrid spaces, integration of technology for personalized experiences, the provision of contactless services, improved amenities, and adherence to health and safety regulations.
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What are the emerging trends shaping the future of the extended stay hotel market?
Innovative advancements in extended-stay hotels are emerging as a popular trend within the sector. To maintain their market presence, major businesses in the extended-stay hotel market are rolling out inventive brands that deliver a distinct experience. For example, in May 2023, Hilton Inc., a hotel company based in the US, unveiled Project H3, a brand aimed at the lower-midscale extended-stay segment. This new brand emphasizes apartment-style lodgings with a flexible design and four distinct spaces for occupants to relax, work, cook meals, and freshen up. The accommodation features a completely equipped kitchen with full-size refrigerator, dishwasher, microwave, two-burner hob, etc., and is targeted at guests who stay for 20 nights or more. Additional facilities like a reception desk, fitness center, laundry room, and a small convenience store can be found on the ground floor and in the lobby area.
Which primary segments of the extended stay hotel market are driving growth and industry transformations?
The extended stay hotel market covered in this report 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
Subsegments:
1) By Economic: Budget Extended Stay Hotels, Economy Suites
2) By Middle: Midscale Extended Stay Hotels, Business Class Extended Stay Hotels
3) By Luxury: Upscale Extended Stay Hotels, Premium Extended Stay Suites
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Which geographical regions are pioneering growth in the extended stay hotel market?
North America was the largest region in the extended stay hotel market in 2024. The regions covered in the extended stay hotel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the influential players reshaping the extended stay hotel market landscape?
Major companies operating in the extended stay hotel 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., 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
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What Is Covered In The Extended Stay Hotel Global Market Report?
• Market Size Forecast: Examine the extended stay hotel market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the extended stay hotel market for a structured understanding.
• Key Players Overview: Analyze major players in the extended stay hotel market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the extended stay hotel market.
• Segment Contributions: Evaluate how different segments drive overall growth in the extended stay hotel market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the extended stay hotel market.
• Industry Challenges: Identify potential risks and obstacles affecting the extended stay hotel market.
• Competitive Landscape: Review strategic developments in the extended stay hotel market, including expansions, agreements, and new product launches.
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