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The Extended Stay Hotel Market grew from USD 48.63 billion in 2023 to USD 52.97 billion in 2024. It is expected to continue growing at a CAGR of 9.29%, reaching USD 90.61 billion by 2030. Speak directly to the analyst to clarify any post sales queries you may have.
The scope and definition of the extended stay hotel market primarily encompass accommodations designed for stays longer than a typical hotel visit, often featuring additional amenities like kitchens and workspaces. The necessity for such lodging arises from prolonged business assignments, relocations, and leisure travel requiring more homelike environments fused with hospitality services. This market finds application across business, leisure, and relocation sectors, serving as an essential accommodation type for temporary housing needs. The end-use scope extends to corporate travelers, relocating families, and long-term vacationers. Market growth is significantly influenced by factors such as the rise in global business travel, increasing workforce mobility, and the demand for cost-effective lodging, which offers the comfort of a home and the convenience of a hotel. Additionally, technological advancements in booking systems and personalized guest experiences are propelling market expansion. Latest opportunities lie in embracing sustainability and eco-friendly practices, expanding networks in emerging markets, and leveraging digital platforms for enhanced customer engagement. However, challenges such as competition from short-term rental platforms, fluctuating economic conditions, and emerging threats from health crises pose limitations on growth. In response, businesses can innovate by enhancing tech integration through app-based check-ins and AI concierge services, improving the energy efficiency of their facilities, and fostering strategic partnerships with corporations for long-term client retention. The market is characterized by moderate to high competition, with operators focusing on differentiating their offerings through enhanced service packages and unique in-room amenities. Embracing digital transformation, especially in contactless services and personalized experiences, is particularly promising for business growth. Engaging in consistent market research will provide insights necessary for sustained competitive advantage and understanding evolving consumer preferences, thereby ensuring relevance in a dynamic lodging industry landscape.
Understanding Market Dynamics in the Extended Stay Hotel Market
The Extended Stay Hotel Market is rapidly evolving, shaped by dynamic supply and demand trends. These insights provide companies with actionable intelligence to drive investments, develop strategies, and seize emerging opportunities. A comprehensive understanding of market dynamics also helps organizations mitigate political, geographical, technical, social, and economic risks while offering a clearer view of consumer behavior and its effects on manufacturing costs and purchasing decisions.- Market Drivers
- Rise in demand for amenities and services catering to long-term hotel residents
- Expansion of the tourism industry driving higher occupancy rates in extended stay hotels
- Growing popularity of staycations among domestic travelers requiring extended hotel stays
- Development of strategic partnerships between extended stay hotels and corporate clients
- Market Restraints
- High operating costs including maintenance, staffing, and utilities impacting profitability of extended stay hotels
- Regulatory challenges and zoning restrictions limiting the expansion and development of extended stay hotel properties
- Market Opportunities
- Exploring extended stay facilities to cater to construction project workers and engineers
- Opportunities to serve traveling sports teams and their associated staff
- Specialized extended stay packages for entertainment industry professionals and touring artists
- Market Challenges
- Adapting extended stay hotel amenities and services to meet the evolving needs of long-term guests
- Navigating regulatory and compliance issues specific to extended stay hotels in diverse markets
Exploring Porter’s Five Forces for the Extended Stay Hotel Market
Porter’s Five Forces framework further strengthens the insights of the Extended Stay Hotel Market, delivering a clear and effective methodology for understanding the competitive landscape. This tool enables companies to evaluate their current competitive standing and explore strategic repositioning by assessing businesses’ power dynamics and market positioning. It is also instrumental in determining the profitability of new ventures, helping companies leverage their strengths, address weaknesses, and avoid potential pitfalls.Applying PESTLE Analysis to the Extended Stay Hotel Market
External macro-environmental factors deeply influence the performance of the Extended Stay Hotel Market, and the PESTLE analysis provides a comprehensive framework for understanding these influences. By examining Political, Economic, Social, Technological, Legal, and Environmental elements, this analysis offers organizations critical insights into potential opportunities and risks. It also helps businesses anticipate changes in regulations, consumer behavior, and economic trends, enabling them to make informed, forward-looking decisions.Analyzing Market Share in the Extended Stay Hotel Market
The Extended Stay Hotel Market share analysis evaluates vendor performance. This analysis provides a clear view of each vendor’s standing in the competitive landscape by comparing key metrics such as revenue, customer base, and other critical factors. Additionally, it highlights market concentration, fragmentation, and trends in consolidation, empowering vendors to make strategic decisions that enhance their market position.Evaluating Vendor Success with the FPNV Positioning Matrix in the Extended Stay Hotel Market
The Extended Stay Hotel Market FPNV Positioning Matrix is crucial in evaluating vendors based on business strategy and product satisfaction levels. By segmenting vendors into four quadrants - Forefront (F), Pathfinder (P), Niche (N), and Vital (V) - this matrix helps users make well-informed decisions that best align with their unique needs and objectives in the market.Strategic Recommendations for Success in the Extended Stay Hotel Market
The Extended Stay Hotel Market strategic analysis is essential for organizations aiming to strengthen their position in the global market. A comprehensive review of resources, capabilities, and performance helps businesses identify opportunities for improvement and growth. This approach empowers companies to navigate challenges in the increasingly competitive landscape, ensuring they capitalize on new opportunities and align with long-term success.Key Company Profiles
The report delves into recent significant developments in the Extended Stay Hotel Market, highlighting leading vendors and their innovative profiles. These include AccorHotels, Best Western Hotels & Resorts, Candlewood Suites, Choice Hotels International, Extended Stay America, G6 Hospitality, Hawthorn Suites by Wyndham, Hilton Worldwide, Homewood Suites by Hilton, Hyatt Hotels Corporation, InterContinental Hotels Group (IHG), Marriott International, Motel 6, Radisson Hotel Group, Red Roof Inn, Residence Inn by Marriott, Sonesta International Hotels Corporation, Staybridge Suites, TownePlace Suites by Marriott, and Wyndham Hotels & Resorts.Market Segmentation & Coverage
This research report categorizes the Extended Stay Hotel Market to forecast the revenues and analyze trends in each of the following sub-markets:- Duration
- Monthly
- Weekly
- Brand Classification
- Chain-affiliated
- Independent
- Booking Channel
- In-Person Booking
- Online Booking
- Target Audience
- Business Travelers
- Leisure Travelers
- Temporary Housing
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
The report provides a detailed overview of the market, exploring several key areas:
- Market Penetration: A thorough examination of the current market landscape, featuring comprehensive data from leading industry players and analyzing their reach and influence across the market.
- Market Development: The report identifies significant growth opportunities in emerging markets and assesses expansion potential within established segments, providing a roadmap for future development.
- Market Diversification: In-depth coverage of recent product launches, untapped geographic regions, significant industry developments, and strategic investments reshaping the market landscape.
- Competitive Assessment & Intelligence: A detailed analysis of the competitive landscape, covering market share, business strategies, product portfolios, certifications, regulatory approvals, patent trends, technological advancements, and innovations in manufacturing by key market players.
- Product Development & Innovation: Insight into groundbreaking technologies, R&D efforts, and product innovations that will drive the market in future.
Additionally, the report addresses key questions to assist stakeholders in making informed decisions:
- What is the current size of the market, and how is it expected to grow?
- Which products, segments, and regions present the most attractive investment opportunities?
- What are the prevailing technology trends and regulatory factors influencing the market?
- How do top vendors rank regarding market share and competitive positioning?
- What revenue sources and strategic opportunities guide vendors' market entry or exit decisions?
Table of Contents
1. Preface
2. Research Methodology
4. Market Overview
5. Market Insights
6. Extended Stay Hotel Market, by Duration
7. Extended Stay Hotel Market, by Brand Classification
8. Extended Stay Hotel Market, by Booking Channel
9. Extended Stay Hotel Market, by Target Audience
10. Americas Extended Stay Hotel Market
11. Asia-Pacific Extended Stay Hotel Market
12. Europe, Middle East & Africa Extended Stay Hotel Market
13. Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
The leading players in the Extended Stay Hotel market, which are profiled in this report, include:- AccorHotels
- Best Western Hotels & Resorts
- Candlewood Suites
- Choice Hotels International
- Extended Stay America
- G6 Hospitality
- Hawthorn Suites by Wyndham
- Hilton Worldwide
- Homewood Suites by Hilton
- Hyatt Hotels Corporation
- InterContinental Hotels Group (IHG)
- Marriott International
- Motel 6
- Radisson Hotel Group
- Red Roof Inn
- Residence Inn by Marriott
- Sonesta International Hotels Corporation
- Staybridge Suites
- TownePlace Suites by Marriott
- Wyndham Hotels & Resorts
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 187 |
| Published | October 2024 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value ( USD | $ 52.97 Billion |
| Forecasted Market Value ( USD | $ 90.61 Billion |
| Compound Annual Growth Rate | 9.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 21 |
