Extended Stay Hotels in the US - Industry Market Research Report

Extended Stay Hotels in the US - Industry Market Research Report
Extended Stay Hotels in the US

Extended stay hotels offers short- and long-term accommodations for guests. With amenities including self-serve laundry and in-suite kitchens, they are a cost-effective and convenient alternative to renting a traditional apartment. The industry is highly susceptible to changes in the domestic and global economic environments, and consequently, extended stay hotels have experienced substantial volatility because of COVID-19. The industry benefited from increased travel spending, corporate profit and general consumer spending over most of the five years to 2023. However, COVID affected these factors substantially as it reversed economic trends that had benefited the industry by stifling spending and halting travel. Nonetheless, surging leisure travel demand and strong growth prior to COVID will boost revenue overall. IBISWorld expects industry revenue to rise at a CAGR of 3.2% to $20.9 billion over the past five years, including an anticipated 2.9% increase in 2023.

This industry comprises establishments that primarily provide short- to long-term lodging in facilities known as extended stay hotels.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.