Extended stay hotel could be a kind of service housing advancement that uses a hotel-style booking system. Extended keep building is such as renting an apartment, however with no stable contracts and occupants will leave whenever they need. The thought behind the extended stay hotels is to create positive hassle-free walkouts for the tenants. The thought of extended stay hotels initially evolved in vacation destinations as accessibility for families that required living in housing instead of staying in a lodge. These hotels typically give absolutely fitted condos like laundry, washing, and most notably kitchen facilities, which provides a snug feeling to the occupants.
According to the study, ‘Global Extended Stay Hotel Market to reach USD XXX million by 2026’ there are many corporations like Choice Hotels International, InterContinental Hotels Group (IHG), Wyndham Hotel Group, Marriot International, Hyatt Hotel, Holiday Inn, Hilton Worldwide that presently functioning heaps successfully for dominant the foremost effective growth of the market and getting the productive competitive edge whereas acceptive the productive moneymaking strategies throughout that at intervals throughout that and policies like joint ventures, mergers and acquisitions, partnership, merger, and merchandise development. These hotels are commonly custom-designed, and it consists of completely different flats. The extent of the keep in these hotels varies from some the days to months or perhaps years. Growing commercial enterprise trade, together with rising income of individuals are the few factors chargeable for high CAGR of the market over the forecast amount. As per the World Tourism Organization is the United Nations (UNWTO), in 2018, there have been around 1.4 billion international tourists arrived around the world, a rise of just about 7.69% from 2017 that holds nearly 1.3 billion international tourist arrival. This, in turn, is anticipated to accelerate the necessity for extended stay hotel, therefore causative to the expansion of the world market. However, within the recent year, the planet is facing the crisis of the COVID-19 pandemic and several other countries place internment to stop the spread of this communicable disease. Because of this reason, the amount of international tourist arrivals is declining thereby, the necessity for extended stay hotels can decrease still. Moreover, the inaccessibility of extended stay hotels in remote locations or tiny cities is additionally the foremost factor limiting the market growth over the forecast amount of 2020-2026.
The regional investigation of the global Extended Stay Hotel market is taken into the account for the key regions like Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant country in the world in terms of market share attributable to the big presence of extended-stay hotels and the increasing variety of international tourist arrivals in the region. Whereas, Europe is anticipated to exhibit the highest rate of growth / CAGR over the forecast period 2020-2026.
Furthermore, one of the foremost necessary factors that drive the expansion of extended stay hotels is that these flats are pocket-friendly. However, this is often not simply the sole issue that pulls occupants towards extended stay hotels. Except for this, these hotels give all the required services like laundry, cleaning, washing, and most significant kitchen facilities, which provide a homely feeling to the tenants. Together with their stay, occupants may also get pleasure from hiking and different activities like horse riding. These options are making extended stay hotels popular and hence the Global Extended Stay Hotel market will increase in approaching years.
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Ankur Gupta, Head Marketing & Communications