About Extended Stay Hotel
Extended stay hotel are the hotels where the tourists can book an accommodation for 5 days or more. It offers limited to no food and beverage facilities or meeting space. It is just like renting an apartment with no fixed contract. These hotels are available in holiday destinations where tourists wanted to live in apartment rather than a lodge. The apartments are then developed into the homes where the inhabitants can cook, clean and wash. Further, the building comprise of individual guestrooms, flats or rental units. Hence, these hotels are fitted with the facility like a normal home.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Competition among existing players is due to the Extended Stay Hotel market share occupied by leading players. The industry leader is engaged in offering innovative and superior quality products to cater to the ever-growing demand for Extended Stay Hotel Market. The companies are implementing strategic activities such as acquisitions and mergers along with collaboration with companies in other industries to aid them in improving sustenance and maintaining their competitive advantage. Analyst at AMA Research estimates that United States Vendors will contribute the maximum growth to Global Extended Stay Hotel market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Hilton Worldwide (United States), Choice Hotels International (United States), InterContinental Hotels Group (United Kingdom), Holiday Inn (United States), Marriot (United States), Hyatt (United States), Wyndham Hotel Group (United States) and Extended Stay America (United States) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Candlewood Suites (United States), OYO Rooms (India) and Others.
Segmentation Overview
AMA Research has segmented the market of Global Extended Stay Hotel market by Type (Economic, Middle and Luxury), Application (Travelers, Business Customers, Trainers and Trainees, Government and Army Staff and Others) and Region.
On the basis of geography, the market of Extended Stay Hotel has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Stay duration, the sub-segment i.e. Weekly will boost the Extended Stay Hotel market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Demand of Healthy and Green Options from Guests and Introduction of Flexible Spaces Such as Outdoor Kitchen
Market Growth Drivers:
Cost Effective Apartments are fueling the Market Growth and Availability of Facilities Such as Laundry, Cleaning, Washing and Kitchen Facilities which Provides Homely Feeling
Challenges:
Extra Pay for Keeping Pets and Kitchen Utensils and Unavailability in Small Towns and Remote Locations
Restraints:
Travel restrictions due to COVID 19 have affected the extended stay hotel market negatively. Due to the lockdown, the online bookings are not being done and hence, affecting the revenue.
Opportunities:
Easy Availability of Online Bookings are Boosting the Market Growth and Increasing Promotional Activities
Market Leaders and their expansionary development strategies
In February 2019, IHG has agreed to buy Six Senses Hotels Resorts Spas. This acquisition strengthens the luxury portfolio. and On 1st February 2018, Choice Hotels International has completed the acquisition of Woodspring Suites which is an extended stay lodging brand. It adds nearly 240 extended stay hotels in 35 states in the portfolio.
In April 2024, Wyndham has announced its expansion into the upscale extended stay segment through a strategic relationship with WaterWalk, launching the WaterWalk Extended Stay by Wyndham brand.
Key Target Audience
Extended stay hotels, Government associations, Research organizations and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.