Extended Stay Hotel Market Size & Share to Exceed USD 179.6 Billion by 2034, at CAGR of 12.3%. "Suite Success: Unveiling the Pinnacle of Comfort in the Extended Stay Hotel Market"– PMI Leads the Way

Covina, Feb. 01, 2024 (GLOBE NEWSWIRE) -- “According to the recent research study, the Extended Stay Hotel Market size was valued at about USD 62.4 Billion in 2024 and expected to grow at CAGR of 12.3% to extend a value of USD 179.6 Billion by 2034.”

What is Extended Stay Hotel?

• Market Overview:

An extended stay hotel is a type of accommodation designed for longer-term stays, typically ranging from a week to several months. Unlike traditional hotels that cater to short-term guests, extended stay hotels provide more spacious rooms with additional amenities to offer a home-like environment for guests who need lodging for an extended period.
These hotels often include features such as fully equipped kitchens, separate living and sleeping areas, and laundry facilities. They are particularly popular among business travelers, relocating families, and individuals undergoing extended training or projects in a specific location.
Extended stay hotels aim to provide a comfortable and convenient living space with the flexibility and services that make it suitable for guests with longer-term housing needs.

• Market Dynamics:

Driving Factors:

• As more people engage in extended business trips, relocations, and project-based work, the demand for accommodations that offer comfort and amenities over an extended period has increased.
• Extended stay hotels cater to the needs of business travelers, providing a cost-effective and comfortable solution for employees on extended assignments or training programs.
• Individuals and families undergoing relocations or awaiting permanent housing often choose extended stay hotels as a convenient and flexible living arrangement during the transition period.
• Professionals working on projects in specific locations for an extended duration prefer the convenience and home-like atmosphere of extended stay hotels over traditional short-term accommodations.
• With the increasing trend of remote work, individuals may choose to work from different locations for an extended period. Extended stay hotels provide an ideal solution for those seeking a comfortable and well-equipped workspace away from home.
• Ongoing innovation in the extended stay hotel sector, including the introduction of new technologies, eco-friendly practices, and unique guest experiences, contributes to the overall growth and competitiveness of the market.

Restrain Factors:

• Economic downturns.
• Regulatory challenges.
• Global health crisis.
• Supply chain disruptions.
• Security concerns.

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*Note: PMI Sample Report includes,

• Overview & introduction of market study
• Revenue and CAGR of market 
• Drivers & Restrains factors of market 
• Major key players in market 
• Regional analysis of the market with a detailed graph
• Detailed segmentation in tabular form of market 
• Recent development/news of market 
• Opportunities & Challenges of Market 

Report scope:

Attribute	Details
Base year for estimation	2023
Forecast period	2024 – 2034
Market representation	Revenue in USD Million & CAGR from 2024 – 2034
Market Segmentation	By Types- 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
Regional scope	North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa
Report coverage	Revenue forecast, company share, competitive landscape, growth factors, and trends

Top Leading Players in Extended Stay Hotel Market:

• Hilton Worldwide
• Hyatt Hotel
• Choice Hotels International
• InterContinental Hotels Group
• Marriott International 
• Wyndham Hotel Group

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Emerging Trends and Opportunities in Extended Stay Hotel Market:

• With the rise of remote work, extended stay hotels are creating packages tailored for remote workers. These packages may include amenities like dedicated workspaces, high-speed internet, and other services to attract individuals looking for a comfortable and productive remote work environment.
• The integration of technology, including contactless check-in, mobile keys, and smart room controls, enhances the guest experience and contributes to a more seamless and convenient stay.
• Extended stay hotels are expanding their wellness offerings, including fitness centers, yoga studios, and wellness programs, to cater to guests looking to maintain healthy lifestyles during longer stays.
• Offering flexible booking options, loyalty programs, and discounts for extended stays continues to be a trend. These strategies aim to attract long-term guests and encourage repeat business.
• Extended stay hotels are exploring partnerships with educational and training institutions to cater to students, interns, and professionals undergoing extended educational or training programs.
• In response to global health concerns, extended stay hotels are implementing enhanced health and safety measures. This includes rigorous cleaning protocols, sanitization practices, and the use of technology to minimize physical contact.

Challenges of Extended Stay Hotel Market:

• Economic downturns and uncertainties can lead to reduced corporate travel budgets and impact the overall demand for extended stay accommodations.
• Compliance with local regulations, zoning laws, and licensing requirements can be challenging for extended stay hotels, especially in regions with strict regulations on short-term rentals.
• Extended stay hotels may experience seasonal fluctuations in demand, particularly in regions where certain industries are more active during specific times of the year.
• Maintaining facilities with amenities such as fully equipped kitchens, laundry services, and communal spaces can incur higher operational costs for extended stay hotels compared to traditional hotels.
• Overcoming preconceived notions or stereotypes about extended stay accommodations being less luxurious or appealing than traditional hotels is a challenge for marketing and positioning in the market.

Detailed Segmentation:

Extended Stay Hotel Market, By Type:

• Economic Type Extended Stay Hotel
• Middle Type Extended Stay Hotel
• Luxury Type Extended Stay Hotel

Extended Stay Hotel Market, By Application:

• Travelers
• Business Customers
• Trainers & Trainees
• Government & Army Staff

Extended Stay Hotel Market, By Region:

• • • North America
      • • U.S.
        • Canada
    • Europe
      • • Germany
        • UK
        • France
        • Russia
        • Italy
        • Rest of Europe
    • Asia Pacific
      • • China
        • India
        • Japan
        • South Korea
        • Rest of Asia Pacific
    • Latin America
      • • Brazil
        • Mexico
        • Rest of Latin America
    • Middle East & Africa
      • • GCC
        • Israel
        • South Africa
        • Rest of Middle East & Africa

Key highlights of the Extended Stay Hotel Market:

• The extended stay hotel market has experienced a growing demand, driven by factors such as increased business travel, relocations, and project-based work.
• Extended stay hotels cater to a diverse customer base, including business travelers, families in transition, individuals undergoing training, and those seeking temporary housing solutions.
• The industry is incorporating technology to enhance the guest experience, with features such as contactless check-in, mobile keys, and smart room controls becoming more prevalent.
• The industry is incorporating technology to enhance the guest experience, with features such as contactless check-in, mobile keys, and smart room controls becoming more prevalent.
• Opportunities for global expansion are emerging as the extended stay hotel concept gains popularity worldwide. Hotel chains are exploring new markets and destinations to meet the increasing demand.
• Offering flexible booking options, loyalty programs, and discounts for extended stays continues to be a strategy to attract long-term guests and encourage repeat businesses.
• North America market is estimated to witness a significantly high revenue share over the forecast period, owing to the presence of developed economies such as the U.S. and Canada, which have a high demand for extended stay hotels.

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