Extended Stay Hotel Market Analysis: Major Players, Lucrative Segments And Top Geographies
24 Nov, 2023
The global extended stay hotel market is expected to grow from $18.33 billion in 2022 to $19.57 billion in 2023 at a compound annual growth rate (CAGR) of 6.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and resulted in increased interest rates affecting many markets across the globe. The extended stay hotel market is expected to reach $25.17 billion in 2027 at a CAGR of 6.5%.
Global Extended Stay Hotel Market Key Driver
The burgeoning tourism sector is expected to fuel the expansion of the extended-stay hotel market in the foreseeable future. Tourism, encompassing cultural, social, and economic aspects, involves individuals traveling to nations or locations beyond their usual environment for personal, business, or professional reasons. Extended-stay hotels cater to travelers, business clients, and other individuals by providing a home-like environment with various amenities and services, including cleaning and cooking, facilitating their productivity in a new city or location.
Get a sample of the global extended stay hotel market reportGlobal Extended Stay Hotel Market Segments
The global extended stay hotel market 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
6) By Geography: The regions covered in the extended stay hotel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Among these regions, North America accounts for the largest share in the global extended stay hotel market.
Major Extended Stay Hotel Industry Players
Extended Stay Hotel Market Overview
An extended stay hotel is an accommodation establishment designed to cater to individuals or groups who require lodging for an extended period, typically longer than a traditional short-term stay at a standard hotel. These hotels offer fully furnished suites or rooms with amenities such as kitchenettes or full kitchens, making them suitable for guests who need a place to stay for weeks, months, or even longer.
Extended Stay Hotel Global Market Report 2023 provides data on the global extended stay hotel market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The extended stay hotel market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.