The extended stay hotel market is a niche segment of the hotel industry that caters to travelers who need accommodations for longer periods of time, typically for a week or more. These properties are often larger than traditional hotels and offer amenities such as kitchenettes or full kitchens, separate living and sleeping areas, and laundry facilities.
In recent years, the extended stay market has been growing rapidly, driven by factors such as increased business travel and a rise in the number of remote workers. As a result, several major hotel companies have been investing heavily in this segment, in an effort to tap into this growing market.
One of the biggest players in the extended stay market is Marriott International, which operates several extended stay brands, including TownePlace Suites, Residence Inn, and Element. Marriott has been expanding these brands rapidly, and currently has over 1,200 extended stay properties worldwide.
Hilton is another major hotel company that has been investing in the extended stay market. The company operates the Homewood Suites and Home2 Suites brands, and has been expanding these brands rapidly in recent years. As of 2021, the company has over 800 extended stay properties worldwide.
InterContinental Hotels Group (IHG) is another major player in the extended stay market, with the Candlewood Suites and Staybridge Suites brands. IHG is among the most aggressive players in the market, with their focus on the extended-stay segment, where the company plans to open 1,200 new hotels in the next five years.
Other notable extended stay hotel brands include Extended Stay America, which is the largest extended stay hotel company in the United States and Wyndham Hotels & Resorts, who have been expanding its Wingate by Wyndham brand, which is aimed at business travelers who need to stay for a week or more.
As the extended stay market continues to grow, it’s likely that we will see more hotel companies entering the segment and investing in new properties. However, it’s worth mentioning that the pandemic has affected the industry, as travel was reduced and many companies also faced financially difficulties as a result, making it hard to predict the industry trends.