Extended Stay Hotel Market set to hit $199.0 billion by 2035, as shift towards customized guest experiences propels transformation
Industry revenue for Extended Stay Hotel is estimated to rise to $199.0 billion by 2035 from $67.8 billion of 2024. The revenue growth of market players is expected to average at 10.3% annually for period 2024 to 2035. Extended stay hotel is critical across several key applications, including Corporate Housing, Tourism & Leisure, Healthcare & Medical Stay and Academic & Student Housing. The report unwind growth & revenue expansion opportunities at Hotel Category, Guest Demographics, Stay Purpose and Stay Duration with industry revenue Forecast.
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Industry Leadership and Competitive Landscape
The Extended stay hotel market is characterized by intense competition, with a number of leading players such as Extended Stay America, Homewood Suites by Hilton, Staybridge Suites, Residence Inn by Marriott and Candlewood Suites. These players are pushing the boundaries of innovation & technological advancements and forging strategic partnerships to expand the existing reach of the market, thereby shaping its growth trajectory and future prospects by enlarging the total addressable market.
The Extended stay hotel market is projected to expand substantially, driven by the Rise in Digital Nomadism and Business Travel Evolution. This growth is expected to be further supported by Industry trends like Smart Technology Integration; and position the market's continued expansion to reach $122.0 billion by 2030. Moreover, the key opportunities, such as Co-Working Spaces Integration, Health and Wellness Focus and local experiences, are anticipated to create opportunistic revenue pockets in major demand hubs including U.S., China and UK.
Major Markets and Emerging Opportunities
The U.S., China, UK, Germany and France are leading the market, driving a significant share of global demand. Businesses in these countries can expect steady revenue growth of 7.5% to 10.8% annually from 2024 to 2035. At the same time, Vietnam, India and South Africa are emerging as exciting new opportunities, with fast-growing markets and evolving industry landscapes creating fresh avenues for expansion.
Regional Shifts and Evolving Supply Chains
North America and Europe are the two most active and leading regions in the market. With challenges like Fierce Industry Competition and polarizing consumer preferences, market Supply Chains from Property Acquisition & Development / Interior Design & Furnishing and to Hospitality Services is expected to evolve & expand further; and industry player’s will be pushed to make strategic shifts towards emerging markets including Vietnam, India and South Africa for expansion of the total addressable market (TAM).
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