Extended Stay Hotel Market Size Worth US$ 146.04 Billion By 2032 | CAGR: 11.6%

The global extended stay hotel market size is expected to reach USD 146.04 billion by 2032, according to a new study by Polaris Market Research. The report “Extended Stay Hotel Market Size, Share, Trends, Industry Analysis Report: By Type (Economy, Mid-Range, and Luxury/Upscale), By Tourist Type, By Booking Channel, By Application and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Market Forecast, 2024–2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The extended stay hotel market refers to the segment of the hospitality industry that provides accommodations for guests who need lodging for an extended period, typically one week or more. These hotels are designed to cater to travelers who require longer-term stays, offering amenities such as kitchen facilities, laundry services, and workspaces. Extended stay hotels are popular among business travelers, temporary relocations, and individuals in transition, offering a more home-like environment compared to traditional hotels. The market includes both standalone extended stay properties and branded hotel chains with dedicated extended stay sections. The growth of the global extended stay hotel market is driven by increasing demand for long-term accommodations from business travelers, relocating families, and extended vacations. Other key factors driving the market growth include the rise of remote work and digital nomadism, which have intensified the need for flexible living arrangements.

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Further, expanding urbanization, growing middle-class population, and the appeal of cost-effective, home-like amenities offered by extended stay properties would offer lucrative opportunities for the market in the coming years. The integration of advanced technologies for enhanced guest experiences and sustainable practices is projected to emerge as a future trend. A steady increase in domestic and international travel, with a notable expansion in emerging markets, fuels the market growth. Overall, the extended stay hotel segment is poised for continued expansion, reflecting shifts in consumer preferences and evolving travel dynamics.

Extended Stay Hotel Market Report Highlights

• Based on type, the economy segment dominates the market, in 2023 due to its cost-effective pricing, appealing to long-term travelers and budget-conscious business professionals. .
• By tourist type, the domestic segment leads the market. Majority of customers prefer the convenience and cost-effectiveness of extended stay options closer to home, which drives the market growth for the domestic segment.
• In terms of booking channel, online is the most dominant segment driven by the convenience and widespread use of digital platforms.
• The business customers segment hold the largest share of the market, based on application, owing to their frequent need for extended stays and corporate agreements. The travelers segment is also expanding, influenced by a rise in long-term leisure travel and lifestyle changes.
• North America leads the global extended stay hotel market in terms of overall volume due to a high concentration of extended stay properties and a strong domestic travel market.
• Asia Pacific is the fastest-growing region over the forecast period, due to rising urbanization and increasing middle-class populations driving demand.

Polaris Market Research has segmented the extended stay hotel market report on the basis of type, tourist type, booking channel, application, and region:

Extended Stay Hotel, Type Outlook (Revenue – USD billion, 2019–2032)

• Economy
• Mid-Range
• Luxury/Upscale

Extended Stay Hotel, Tourist Type Outlook (Revenue – USD billion, 2019–2032)

• Domestic
• International

Extended Stay Hotel, Booking Channel Outlook (Revenue – USD billion, 2019–2032)

• Online
• On-Phone
• In-Person

Extended Stay Hotel, Application Outlook (Revenue – USD billion, 2019–2032)

• Travelers
• Business Customers
• Others

Extended Stay Hotel, Regional Outlook (Revenue – USD billion, 2019–2032)

• North America

• US
• Canada

• Europe

• Germany
• France
• UK
• Italy
• Spain
• Netherlands
• Russia
• Rest of Europe

• Asia Pacific

• China
• Japan
• India
• Malaysia
• South Korea
• Indonesia
• Australia
• Vietnam
• Rest of Asia Pacific

• Middle East & Africa

• Saudi Arabia
• UAE
• Israel
• South Africa
• Rest of Middle East & Africa

• Latin America

• Mexico
• Brazil
• Argentina
• Rest of Latin America

Extended Stay Hotel Market Report Scope