This Extended Stay Hotel Sector Overview market study offers a comprehensive analysis of the business models, key strategies, and respective market shares of some of the most prominent players in this landscape. Along with an in-depth commentary on the key influencing factors, market statistics in terms of revenues, segment-wise data, region-wise data, and country-wise data are offered in the full study. This study is one of the most comprehensive documentation that captures all the facets of the evolving Extended Stay Hotel Sector Overview market.
Extended stay hotels are apartment hotels where tourists can stay for as long as they want and can check out whenever they want. In other words, extended stay hotels are just like renting an apartment; however, there is no fixed contract for the occupants. The idea behind extended stay hotels is to ensure hassle free walkouts for the occupants. The concept of extended stay hotel first evolved in holiday destinations as a convenience for families that wished to live in an apartment instead of staying as they would in a lodging. The apartments would offer a holiday home and by and large be serviced. Afterwards, these apartments developed to be complete homes, enabling inhabitants to do all that they would at home; for example, washing, cooking and cleaning. The standard definition of an extended stay hotel in the U.S. implies a building intended for or comprising both flats and rental units or individual guestrooms, under occupant supervision, and which maintains an inner lobby from where all occupants can access condos, units or rooms.
Extended stay hotels typically offer fully fitted condos. These buildings are normally custom designed, and like a lodging, they comprise different apartments. The duration of the stay in these lodgings varies from a couple of days to months or even years. The occupants who stay in extended stay hotels utilise these as a long-term accommodation; hence, these types of hotels are frequently fitted with most things any normal home would require.
Market Growth Analysis
Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.
One of the most important factors that drives the growth of extended stay hotels is that these apartments are pocket-friendly. However, this is not just the only factor that attracts occupants towards extended stay hotels. Apart from this, these hotels provide all the necessary services such as laundry, cleaning, washing and most importantly kitchen facilities, which gives a homely feeling to the tenants. Extended stay hotels are mostly preferred by occupants as they are generally located away from the hustle-bustle life of cities where the inhabitants can experience a countryside living. Along with their stay, occupants can also enjoy hiking and other activities such as horse riding. These features are making extended stay hotels popular, which is ultimately driving growth in demand. Easy online bookings is another reason for extended stay hotels to manage to snag a huge portion of hotel customers. Last but not the least the primary objective of extended stay hotels is to provide hassle-free check-outs whenever the occupants wish and this is the key reason that fuels the demand and development of extended stay hotels across the globe.
Extended Stay Hotel: Restraints
One of the major hindrances in the growth of extended stay hotels is they are still unavailable in small towns or in remote locations. Although extended stay hotels give a homely feeling, they are in no comparison with households. The reason for this is although the management of the hotel provides kitchen facilities during the stay, they do not provide utensils and the occupants therefore have to shell out the money from their own pockets either to purchase the utensils or to get food from outside. In a similar way, the inhabitants also have to pay extra if they are keeping their pets with them. All these factors are hampering the growth of extended stay hotels worldwide.
Extended Stay Hotel: Key Players
Hilton Worldwide, Choice Hotels International, Staybridge Suits by InterContinental Hotels Group, U.S., Holiday Inn, U.K., and Residence Inn by Marriot, Germany, are some of the key extended stay hotels across the globe.
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The report specifically focusses on the leading companies operating in this sector, highlighting their key developmental strategies. A holistic analysis of the leading players is highlighted to help decision makers understand the overall competitive landscape.
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