Extended Stay Hotel Market Share, Size, Revenue, Latest Trends, CAGR Status, Growth Opportunities and Forecast 2032

The extended stay hotels market is estimated at USD 48.60 billion in 2022 and is projected to reach USD 132.40 billion by 2032, at a CAGR of 19.60% from 2022 to 2032. The tourism industry is flourishing and making progress over a decade. Accommodation is one of the prominent factor in tourism industry. With rise in growth of tourism participants there is a rise in scarcity of tourist accommodation. Hence the hospitality industry has come up with modes of accommodation such as poshtels, hostels, rotels, boutique hotels etc. with an aim to serve every type of tourist. Extended stay is one of the modes of accommodation in tourism industry where a traveller is allowed to rent an apartment for his accommodation. The apartment includes all sort of amenities and allow the user to perform all household activities such as cleaning, washing, etc. It has a dedicated kitchen that allow traveller to cook food of its own. The travellers can stay as long as they want and can checkout whenever they feel. Nowadays the extended stay hotels are compact and custom designed with modular kitchen, designer furniture and amenities. Request a Report Sample to Gain Comprehensive Insights@ https://www.futuremarketinsights.com/reports/sample/rep-gb-3623 The infrastructure is eco-friendlier and are based on themes. The user is allowed to stay for days, months or years. Lastly the extended stay hotels are affordable in respect to long term accommodation. Therefore, it attracts and encourage travellers to book extended stay hotels for a long term. As such, the global extended stay hotel market is estimated to expand at a CAGR of over 19.60% throughout the forecast period of 2022-2032, to be valued at US$ 132.40 Bn by the end of 2032. Impact of COVID-19 on the Market Covid 19 had a massive impact on tourism industry and there was a worst fall of business and potential customers in hospitality industry. Due lack of opportunities and lack of demand in hospitality industry many hotels faced a tremendous loss whereas in post covid situations hotels continued to face lack of business due to the precautionary measures abide by government in various regions and the fear of getting infected discouraged the travellers to move in to the hotels. Meanwhile it is expected in post pandemic situation the extended stay hotels will have a sustainable growth. The fundamentals of extended stay hotels allow travellers to stay comfortable like staying at home without any risky of getting infected by covid disease. Apart from this the extended stay hotel are budget friendly than hotels with limited restriction. Hence in post covid pandemic extended stay hotels will be a vital support for hospitality industry. Get Your Comprehensive Brochure@ https://www.futuremarketinsights.com/reports/brochure/rep-gb-3623