New York, United States , Sept. 04, 2024 (GLOBE NEWSWIRE) -- The Global Extended Stay Hotel Market Size is Expected to Grow from USD 54.40 Billion in 2023 to USD 162.95 Billion by 2033, at a CAGR of 11.60% during the forecast period 2023-2033.
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The extended stay hotel is a type of accommodation designed for guests who require lodging for an extended period, usually a week or more. Extended-stay hotel hotels provide services for long-term stays, including spacious rooms or suites, fully outfitted kitchens, in-room laundry facilities, and workstations with desks and high-speed internet. Several main factors are driving the extended stay hotel market, including an increase in business travel and globalization, which increases the demand for temporary housing for professionals on relocation and assignment. The growing trend of remote work and flexible job agreements adds to the need, as digital wanderers and temporary workers seek comfortable, functional living spaces. However, the extended stay hotel market faces various hurdles that could limit its growth, including increased rivalry within the industry, which can lead to price wars and reduced profit margins, while economic downturns might diminish demand for prolonged stays due to reduced business travel and spending.
Browse key industry insights spread across 240 pages with 110 Market data tables and figures & charts from the report on the "Global Extended Stay Hotel Market Size, Share, and COVID-19 Impact Analysis, By Room Range Types (Economic Range, Middle Range, Luxury Range), By Stay Duration (Long Term, Monthly, Weekly), By Age Group (15-25 Years, 26-35 Years, 36-45 Years, 46-55 Years, 66-75 years), By Tourist (Domestic, International), By Booking Channel (Online Booking, In-Person Booking, Phone Booking), By End-User (Travellers, Corporate Professionals, Management Trainees, and Students), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The middle range segment is predicted to hold the largest market share through the forecast period.
Based on the room range type, the extended stay hotel market is classified into economic range, middle range, and luxury range. Among these, the middle range segment is predicted to hold the largest market share through the forecast period. The middle range sector prevails because it provides a healthy mix of price and comfort. This sector provides a diverse range of clients, including business professionals, long-term travelers, and temporary residents, by offering a mix of valuable amenities and services without the high expenditures associated with luxury lodgings or the basic characteristics of affordable options.
The 26-35 years segment is anticipated to hold the highest market share during the projected timeframe.
Based on the age group, the extended stay hotel market is divided into 15-25 years, 26-35 years, 36-45 years, 46-55 years, and 66-75 years. Among these, the 26-35 years segment is anticipated to hold the highest market share during the projected timeframe. This population, which includes young professionals and those in their mid-career phases, frequently requires lengthy accommodations owing to job relocations, business assignments, or project-based employment driven the segment growth.
The online booking segment is anticipated to hold the greatest share of the extended-stay hotel market during the projected timeframe.
Based on the booking channel, the extended stay hotel market is categorized into online booking, in-person booking, and phone booking. Among these, the online booking segment is anticipated to hold the greatest share of the extended-stay hotel market during the projected timeframe. This domination is due to the convenience and efficiency of online platforms, which let consumers compare costs, check availability, and make bookings from anywhere. Furthermore, the broad acceptance of digital technology, as well as the growing demand for self-service choices, contribute to an increase in online booking.
The corporate professionals segment is estimated to grow at the fastest CAGR growth through the projected period.
Based on the end-user, the extended stay hotel market is categorized into travelers, corporate professionals, management trainees, and students. Among these, the corporate professionals segment is estimated to grow at the fastest CAGR growth through the projected period. This growth is mostly driven by the increasing need for extended accommodations due to rising business travel, remote work patterns, and long-term project assignments.
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North America is estimated to hold the largest share of the extended-stay hotel market over the forecast period.
North America is estimated to hold the largest share of the extended-stay hotel market over the forecast period. North America is expected to lead the extended stay hotel industry due to strong demand from business travelers, corporate relocations, and urban growth. The region's large number of business travelers and personnel undergoing temporary relocations increases the demand for extended-stay lodgings.
Asia Pacific is predicted to have the highest CAGR growth in the extended stay hotel market over the forecast period. The region's robust economic growth, rising middle class, and fast urbanization are increasing the demand for long-term lodgings.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major key players in the extended stay hotel market include Candlewood Suites, Oyo Rooms, Hyatt Hotel, Wyndham Hotel Group, Hilton Worldwide, Ibis, 7 Days Inn, Marriott International, Holiday Inn, RADISSON Hotel Group, Orange Hotel, InterContinental Hotels Group (IHG), Extended Stay America, Choice Hotels International, IHCL, ITC HOTELS, Others, and Others.
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Recent Developments
- In April 2023, Hyatt Hotels Corporation announced plans to launch Hyatt Studios, the company's newest brand. The brand, which represents Hyatt's foray into upper-midscale lodging in the Americas, was created through direct engagement with hotel developers and paying special attention to the demands of target visitors.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the extended stay hotel market based on the below-mentioned segments:
Global Extended Stay Hotel Market, By Room Range Types
- Economic Range
- Middle Range
- Luxury Range
Global Extended Stay Hotel Market, By Stay Duration
- Long Term
- Monthly
- Weekly
Global Extended Stay Hotel Market, By Age Group
- 15-25 Years
- 26-35 Years
- 36-45 Years
- 46-55 Years
- 66-75 years
Global Extended Stay Hotel Market, By Tourist
- Domestic
- International
Global Extended Stay Hotel Market, By Booking Channel
- Online Booking
- In-Person Booking
- Phone Booking
Global Extended Stay Hotel Market, By End-User
- Travellers
- Corporate Professionals
- Management Trainees
- Students
Global Extended Stay Hotel Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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