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2025-2034 Extended Stay Hotel Market Evolution: Disruptions, Innovations, and Untapped Opportunities
Extended Stay Hotel Market
What Is the Expected CAGR for the Extended Stay Hotel Market Through 2025?
The market size of extended stay hotels has seen significant growth in the past few years. The forecast suggests an escalation from $57.09 billion in 2024, surging to $61.3 billion in 2025, indicating a compound annual growth rate (CAGR) of 7.4%. The prior growth period's acceleration can be associated with factors such as business travel needs, economic conditions, globalization trends, changes in travel behavior, and workforce mobility.
What's the Projected Size of the Global Extended Stay Hotel Market by 2029?
Over the coming years, the market size of extended stay hotels is predicted to experience substantial growth, estimated to reach a value of $82.41 billion in 2029 with a compound annual growth rate (CAGR) of 7.7%. The surge during this forecast period can be credited to factors such as the rise in remote working culture, increase in medical tourism, heightened focus on sustainability and wellness, a shift in housing preferences, and demand for family travel accommodations. Key trends to watch in this forecast period comprise flexible and hybrid spaces, tech-led personalization, contactless services, improved amenities, as well as health and safety standards.
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Top Growth Drivers in the Extended Stay Hotel Industry: What's Accelerating the Market?
The expansion of the tourism industry is anticipated to fuel the growth of the extended-stay hotel market in the future. Tourist activities, rooted in cultural, social, and economic systems, entail individuals voyaging beyond their regular surroundings for various reasons, including personal, business, or professional commitments. Extended-stay hotels cater to the needs of travelers, business people, and others by offering a home-like experience complete with several amenities and services, such as housekeeping and cooking. This helps them maintain productivity while in a new city or location. For instance, data from May 2024 by the Office for National Statistics, a UK-based executive office of the UK Statistics Authority, indicates that there was a rise in the number of international visitors to the UK in 2023 compared to 2022, soaring from 31.2 million in 2022 to 38.0 million in 2023. Hence, the burgeoning tourism sector is stimulating the development of the extended-stay hotel market.
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What Trends Will Shape the Extended Stay Hotel Market Through 2029 and Beyond?
Extended-stay hotels are seeing an influx of innovative changes, a trend becoming increasingly prevalent in this market sector. Prominent corporations in the extended-stay hotel industry are launching new and creative brands in an effort to maintain their standing. For example, Hilton Inc., an American hotel firm, unveiled Project H3 in May 2023, a lower-midscale extended stay brand. The new brand provides lodging akin to apartment living, including versatile spaces designed for relaxation, work, meal preparation, and rejuvenation. The accommodation features a fully equipped kitchen, complete with a full-size refrigerator, dishwasher, microwave, double-burner stove, and more, catering to guests who stay for a minimum of 20 nights. The ground floor and reception area also accommodate a front desk, fitness center, laundry facility, and a boutique retail outlet.
What Are the Main Segments in the Extended Stay Hotel Market?
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 Top Companies are Driving Growth in the Extended Stay Hotel Market?
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
Which Regions Will Dominate the Extended Stay Hotel Market Through 2029?
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
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