Scope of the Study
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.
The market study is being classified by Type (Economic, Middle and Luxury), by Application (Travelers, Business Customers, Trainers and Trainees, Government and Army Staff and Others) and major geographies with country level break-up.
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), Extended Stay America (United States), Candlewood Suites (United States) and OYO Rooms (India) are some of the key players profiled in the study.
Research Analyst at AMA predicts that United States Vendors will contribute to the maximum growth of Global Extended Stay Hotel market throughout the predicted period.
AdvanceMarketAnalytics has segmented the market of Global Extended Stay Hotel market by Type, Application 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). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Cost Effective Apartments are fueling the Market Growth
- Availability of Facilities Such as Laundry, Cleaning, Washing and Kitchen Facilities which Provides Homely Feeling
- Increasing Demand of Healthy and Green Options from Guests
- Introduction of Flexible Spaces Such as Outdoor Kitchen
- 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.
- Easy Availability of Online Bookings are Boosting the Market Growth
- Increasing Promotional Activities
- Extra Pay for Keeping Pets and Kitchen Utensils
- Unavailability in Small Towns and Remote Locations
Market Leaders and their expansionary development strategies
On 13th 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.
Key Target AudienceExtended stay hotels, Government associations, Research organizations and Others
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