Global extended stay hotel market projected to grow to USD 162.95 billion by 2033
From GlobeNewswire: 2024-09-04 14:00:00
The Global Extended Stay Hotel Market is projected to grow from USD 54.40 billion in 2023 to USD 162.95 billion by 2033, with a CAGR of 11.60%. Factors such as an increase in business travel, globalization, and remote work trends are driving the market’s growth. However, challenges like increased industry competition and economic downturns may limit this growth.
The middle range segment is expected to dominate the extended stay hotel market, offering a balance of price and comfort. The 26-35 years age group is predicted to hold the highest market share, driven by young professionals’ need for extended accommodations. Online booking is anticipated to have the largest share due to convenience and digital technology’s widespread use.
Corporate professionals are projected to experience the fastest growth in the extended stay hotel market, driven by rising business travel and long-term project assignments. North America is expected to lead the market, while Asia Pacific shows the highest growth potential due to economic expansion and urbanization. Major players in the market include Hyatt Hotels, Hilton Worldwide, and Marriott International.
In April 2023, Hyatt Hotels announced the launch of Hyatt Studios, targeting upper-midscale lodging in the Americas. The report includes key industry insights and analyzes market trends, revenue forecasts, and competitive landscape. Segment breakdowns cover room range types, stay duration, age groups, tourist categories, booking channels, end-users, and regional analysis.
Read more at GlobeNewswire: Global Extended Stay Hotel Market Size To Worth USD 162.95