Extended Stay Hotels in the US - Industry Market Research Report
Description
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.
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.
Table of Contents
42 Pages
- TABLE OF CONTENTS
ABOUT THIS INDUSTRY
Industry Definition
Main Activities
Similar Industries
Additional Resources
INDUSTRY AT A GLANCE
INDUSTRY PERFORMANCE
Executive Summary
Key External Drivers
Current Performance
Industry Outlook
Industry Life Cycle
PRODUCTS & MARKETS
Supply Chain
Products & Services
Demand Determinants
Major Markets
International Trade
Business Locations
COMPETITIVE LANDSCAPE
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Basis of Competition
Barriers to Entry
Industry Globalization
MAJOR COMPANIES
OPERATING CONDITIONS
Capital Intensity
Technology & Systems
Revenue Volatility
Regulation & Policy
Industry Assistance
KEY STATISTICS
Industry Data
Annual Change
Key Ratios
JARGON & GLOSSARY
Search Inside Report
Pricing
Currency Rates
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