Extended Stay Hotel Market to Reach $25 Billion by 2027, Driven by Tourism Growth and Innovative Offerings
Global Extended Stay Hotel Market
Dublin, Jan. 30, 2024 (GLOBE NEWSWIRE) -- The "Global Extended Stay Hotel Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
Global Extended Stay Hotel Market Report 2023 brings key insights into the rapid developments within the extended accommodation sector, highlighting a significant market expansion forecasted through to 2027. Amidst the constraints posed by the Russia-Ukraine conflict and its worldwide economic repercussions, the market is anticipated to continue its growth trajectory, underpinned by a resilient tourism industry and strategic innovations by leading companies.
This comprehensive analysis indicates that the sector is poised to escalate from a valuation of $18.33 billion in 2022 to an impressive $25.17 billion by 2027, progressing at a compound annual growth rate (CAGR) of 6.5%. Even as the world grapples with the aftermath of economic sanctions and supply chain challenges, the extended stay hotel market's growth outlook remains robust, driven by the increasing number of travelers in need of longer-term lodging solutions that offer the comforts of home.
North American Market Leads with Greatest Regional Shares
Extended stay hotels in North America continue to dominate the market, reflecting the region's significant share and highlighting the increasing appetite for extended stay options among domestic and international tourists. With in-depth coverage across continents and key nations, from Australia to the USA and more, the report captures a global industry landscape.
Business and leisure tourism spurring demand for versatile lodging
Innovative brand developments enhancing guest experience and value
Strategic acquisitions reinforcing competitive market dynamics
Tourism has emerged as a pivotal force in the sector's growth, with extended stay establishments providing a blend of amenities and services tailored to diverse travel needs. This trend is clearly demonstrated by the increase in international visitors, as reflected in recent statistics from the U.S. Department of Commerce.
Strategic Innovations Shaping Market Outlook Innovation remains a salient trend, with industry players such as Hilton revealing new brands tailored to specific guest preferences and extended stay requirements. The market anticipates the continuation of such transformative launches, with features like apartment-style lodging set to redefine the extended stay experience.
Significant transactions are also influencing the market's trajectory, as evidenced by the acquisition of Extended Stay America Inc. by leading real estate investment firms. The consolidation is expected to strengthen market presence and leverage growth opportunities within the sector.
The report provides a segmented analysis, delineating the market across economical, mid-scale, and luxury offerings. It covers different stay durations, booking channels, and the varied applications that are driving demand for extended stay hotels. This segmentation facilitates a nuanced understanding of the multiple facets fueling the sector's growth.
Key Attributes:
Report Attribute | Details |
No. of Pages | 175 |
Forecast Period | 2023 - 2027 |
Estimated Market Value (USD) in 2023 | $19.57 billion |
Forecasted Market Value (USD) by 2027 | $25.17 billion |
Compound Annual Growth Rate | 6.5% |
Regions Covered | Global |
A selection of companies mentioned in this report includes
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
For more information about this report visit https://www.researchandmarkets.com/r/cyjzvb
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood,Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
