June 09, 2020
According to the research report titled ‘Global Extended Stay Hotel Market Size study with COVID-19 impact, by Type (Economic Type Extended Stay Hotel, Middle Type Extended Stay Hotel, Luxury Type Extended Stay Hotel), by Application (Travelers, Business Customers, Trainers & Trainees, Others) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, the global extended stay hotel market is expected to record considerable growth during the period of 2020-2026.
Extended stay hotel is like renting an apartment, where the occupants can check out whenever they wish without being bound to a contract. These hotels are custom designed and consists of different apartments. They are more popular in terms of holiday destinations where people can reside in these apartments rather than staying in a lodge.
These apartments usually offer most of the things an average home would have like kitchen facilities, washing, and laundry, which gives the occupants a homely and comfortable feeling. The stay in these hotels may vary from a few days to some years as per the occupant’s requirement.
Flourishing tourism industry as well as burgeoning disposable income are projected to have a positive impact on the global market size in the upcoming years, cites the research document.
According to the World Tourism Organization in the United Nations (UNWTO), around 1.4 billion international tourists arrived across the world in 2018, a rise of approximately 7.69% observed from 2017, which holds almost 1.3 billion international tourist arrivals worldwide. Hence, the humongous increase in the number of international tourists boosts the demand of extended stay hotels.
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The COVID-19 pandemic has encouraged governments across the globe to impose strict lockdown, which has adversely impacted the remuneration scope of this business vertical. Additionally, the lack of availability of extended stay hotels in small towns or remote locations will also discourage market expansion in the future years.
Based on type, the global market is divided into Luxury, Middle, and Economic type extended stay hotel. In terms of application, the market is split into Trainers & Trainees, Business Customers, Travelers, and others.
In terms of geographical hierarchy, North America is a leading region with respect to market share, owing to the increase in number of tourists and extended stay hotels. On the other hand, Europe is predicted to record a high CAGR over the estimated timeframe.
The leading organizations in the global extended stay market are Holiday Inn, Wyndham Hotel Group, Marriot International, InterContinental Hotels Group (IHG), Choice Hotels International, Hyatt Hotel, and Hilton Hotel among others.