Extended Stay Hotel Market is estimated to be US$ 28.6 billion by 2030 with a CAGR of 6.0% during the forecast period
Extended stay hotel are
those where visitors can book a stay of five days or longer. In other words, extended
stay hotel are similar to apartment rentals, except that the inhabitants are
not bound by a contract. Extended stay hotel are designed to make it easy for
guests to check out. These hotels are accessible in vacation spots where visitors
prefer to stay in an apartment rather than a lodge. The apartments are
subsequently converted into residences, with kitchens, bathrooms, and laundry
facilities. Individual guestrooms, flats, and rental units are also included in
the structure. As a result, these hotels have all the amenities of a typical
house. Extended
Stay Hotel Market accounted for US$ 16.7 billion in 2020
and is estimated to be US$ 28.6 billion by 2030 and is anticipated to register
a CAGR of 6.0%.
The report " Global
Extended Stay Hotel Market, By Type (Economic Type Extended Stay Hotel, Middle
Type Extended Stay Hotel, and Luxury Type Extended Stay Hotel), By Application
(Travelers, Business Customers, Trainers & Trainees, and Government &
Army Staff), and By Region (North America, Europe, Asia Pacific, Latin America,
and Middle East & Africa) - Market Trends, Analysis, and Forecast till
2029’’
Key Highlights:
- In
June 2021, Extended Stay America, the nation’s leading mid-priced extended
stay hotel company, is pleased to announce the launch of Extended Stay
America Premier Suites. The elevated brand builds on the strength of
Extended Stay America’s industry-leading portfolio of more than 650
hotels. Comprised of 25 new or completely renovated properties across the
United States, Extended Stay America Premier Suites offers guests a
premium experience based on what extended stay travelers value most according
to extensive guest research.
- In
May 2021, The Sonesta Collection has launched Sonesta ES Suites, an
extended-stay brand, as well as refreshed hotels and resorts in Atlanta,
Baltimore, Boston, Hilton Head Island, Houston and Philadelphia.
Analyst View:
One of the most
fundamental aspects driving the expansion of Extended stay hotel is the
affordability of these units. The majority of occupants
prefer Extended stay hotel because they are often located away from the hustle
and bustle of city life, allowing them to enjoy country lifestyle. In addition
to their stay, visitors can go hiking and participate in other activities such
as horseback riding. Extended stay hotel are becoming increasingly popular as a
result of these amenities, which is pushing up demand. One of
the greatest roadblocks to the expansion of Extended stay hotel is their lack
of availability in small towns and isolated locations. Although Extended stay
hotel provide a homey atmosphere, they pale in contrast to private homes.
Browse 60 market data
tables* and 35 figures* through 140 slides and in-depth TOC on ‘Global
Extended Stay Hotel Market, By Type (Economic Type Extended Stay Hotel, Middle
Type Extended Stay Hotel, and Luxury Type Extended Stay Hotel), By Application
(Travelers, Business Customers, Trainers & Trainees, and Government &
Army Staff), and By Region (North America, Europe, Asia Pacific, Latin America,
and Middle East & Africa) - Market Trends, Analysis, and Forecast till
2029’
Key Market Insights from the
report:
Extended Stay Hotel market
accounted for US$ 16.7 billion in 2020 and is estimated to be US$ 28.6 billion
by 2030 and is anticipated to register a CAGR of 6.0%. The Global Extended Stay
Market is segmented based on the type, application and region.
- By Type, the market is segmented into Economic Type
Extended Stay Hotel, Middle Type Extended Stay Hotel, and Luxury Type
Extended Stay Hotel.
- By Application, the market is segmented into Travelers,
Business Customers, Trainers & Trainees, and Government & Army
Staff.
- By Region, the Global Extended Stay Market is segmented
into North America, Europe, Asia Pacific, Latin America, and Middle East
& Africa.
Competitive Landscape:
The key players operating in
the Global Extended Stay Market includes Hilton Worldwide, Hyatt Hotel, Choice
Hotels International, InterContinental Hotels Group, Marriott International and
Wyndham Hotel Group.
The market provides detailed
information regarding the industrial base, productivity, strengths,
manufacturers, and recent trends which will help companies enlarge the
businesses and promote financial growth. Furthermore, the report exhibits
dynamic factors including segments, sub-segments, regional marketplaces,
competition, dominant key players, and market forecasts. In addition, the
market includes recent collaborations, mergers, acquisitions, and partnerships
along with regulatory frameworks across different regions impacting the market
trajectory. Recent technological advances and innovations influencing the
global market are included in the report.
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Some Important Points
Answered in this Market Report Are Given Below:
- Explains an overview of the product portfolio, including
product development, planning, and positioning
- Explains details about key operational strategies with a
focus on R&D strategies, corporate structure, localization strategies,
production capabilities, and financial performance of various companies.
- Detailed analysis of the market revenue over the
forecasted period.
- Examining various outlooks of the market with the help
of Porter’s five forces analysis, PEST & SWOT Analysis.
- Study on the segments that are anticipated to dominate
the market.
- Study on the regional analysis that is expected to
register the highest growth over the forecast period
Key Topics Covered
- Introduction
- Study Deliverables
- Study Assumptions
- Scope of the Study
- Research Methodology
- Executive Summary
- Opportunity Map Analysis
- Market at Glance
- Market Share (%) and BPS Analysis, by Region
- Competitive Landscape
- Heat Map Analysis
- Market Presence and Specificity Analysis
- Investment Analysis
- Competitive Analysis
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