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2025-2034 Extended Stay Hotel Market Outlook: Key Drivers, Emerging Challenges, and Strategic Insights
Extended Stay Hotel Market
What Will the Extended Stay Hotel Industry Market Size Be by 2025?
The extended stay hotel industry has seen substantial growth over the past few years. The market, which was valued at $57.09 billion in 2024, is projected to increase to $61.08 billion in 2025, with a compound annual growth rate (CAGR) of 7.0%. This growth during the historic period can be linked to factors such as business travel demand, economic influences, globalisation trends, changes in travel patterns, and workforce mobility.
What's the Long-Term Growth Forecast for the Extended Stay Hotel Market Size Through 2029?
The market size for extended stay hotels is predicted to experience robust expansion in the upcoming years, with projections indicating it will reach "$82.27 billion in 2029, growing at a compound annual growth rate (CAGR) of 7.7%. This substantial growth during the forecast period is attributed to factors such as the surge in remote work, increase in medical tourism, emphasis on sustainability, and wellness, changes in housing tastes, and provisions for family travel. Trending factors likely to impact the market during this time include the emergence of flexible and hybrid spaces, integration of technology for personalized experiences, adoption of contactless services, upgraded amenities, and stringent health and safety regulations.
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What Are the Key Growth Drivers Fueling the Extended Stay Hotel Market Expansion?
The rise in the tourism industry is foreseen to fuel the expansion of the long-stay hotel market. Tourism, a powerful cultural, social, and economic force, concerns individuals traveling beyond their usual surroundings to different countries or places for private, trade, or professional purposes. Extended-stay hotels provide a homely comfort to tourists, business clients, and others, offering a variety of services and facilities like housekeeping and cooking, enabling them to remain productive while adjusting to a new city or locale. For instance, the Office of National Statistics, an executive bureau of the UK Statistics Authority, reported in May 2024 that visits from international tourists to the UK saw a surge from 31.2 million in 2022 to 38.0 million in 2023, indicating a significant rise from the previous year. Therefore, the burgeoning tourism industry is acting as a catalyst for the growth trend being observed in the extended-stay hotel market.
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What Are the Key Trends Driving Extended Stay Hotel Market Growth?
The emergence of innovations in extended-stay hotels is a rising trend that's becoming popular within the extended-stay hotel market sector. Prominent companies within this industry are creating and launching distinct and innovative brands to retain their market dominance. For instance, Hilton Inc., a leading hotel company based in the US, unveiled Project H3, a new lower-midscale extended stay brand in May 2023. The brand provides accommodations resembling apartment living, complete with adaptable layouts and four distinguished areas for guests to rest, work, cook meals, and freshen up. In addition, the stay includes an extensively equipped kitchen attached with a full-sized fridge, dishwasher, microwave, two-burner hob, amongst others, specifically designed for guests who stay for a minimum of 20 nights. The ground level and lobby of the hotel also offer amenities such as a front desk, fitness center, laundry room, and a mini retail store.
How Is the Extended Stay Hotel Market Segmented?
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 Companies Are Leading the Charge in Extended Stay Hotel Market Innovation?
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 Are Leading the Global Extended Stay Hotel Market in Revenue?
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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