Apartment-style Hotel Market Trends and Market Analysis forecasted for period 2024-2031
Market Overview and Report Coverage
Apartment-style hotels, also known as Aparthotels, combine the comfort and convenience of a fully furnished apartment with the amenities and services of a hotel. These accommodations typically feature separate living and sleeping areas, a kitchen or kitchenette, and on-site facilities such as a gym, pool, and dining options.
The future outlook for the apartment-style hotel market is positive, with the sector expected to grow at a CAGR of % during the forecasted period. The increasing popularity of long-term stays, particularly among business travelers and families, is driving the demand for these flexible and home-like accommodations. Additionally, the rise of remote work and digital nomadism is expected to further boost the market growth.
Current trends in the apartment-style hotel market include a focus on sustainability and eco-friendly practices, the integration of technology for enhanced guest experiences, and the implementation of health and safety measures in response to the ongoing pandemic. Overall, the market forecast is promising, with continued growth expected as travelers seek comfortable and adaptable lodging options.
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Market Segmentation
The Apartment-style Hotel Market Analysis by types is segmented into:
- Upscale Extended Stay Hotel
- Midscale Extended Stay Hotel
- Economy Extended Stay Hotel
Upscale Extended Stay Hotels cater to guests seeking luxurious amenities and services for longer stays. Midscale Extended Stay Hotels offer mid-range accommodations with basic amenities and services, suitable for budget-conscious travelers. Economy Extended Stay Hotels provide no-frills accommodations at affordable rates, targeting price-sensitive guests. Each market type caters to different demographics and offers varying levels of comfort, convenience, and services to meet the needs and preferences of guests looking for extended stay options.
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The Apartment-style Hotel Market Industry Research by Application is segmented into:
- Travelers
- Business Customers
- Government
- Others
Apartment-style hotel market caters to various types of customers including travelers looking for a home-like accommodation experience, business customers seeking longer-term stay options, government employees requiring extended stays for work purposes, and others such as international students or individuals relocating to a new city. This market offers the convenience of hotel amenities and services combined with the comfort and flexibility of a fully-furnished apartment, making it a popular choice for a wide range of clientele.
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In terms of Region, the Apartment-style Hotel Market Players available by Region are:
North America:
- United States
- Canada
Europe:
- Germany
- France
- U.K.
- Italy
- Russia
Asia-Pacific:
- China
- Japan
- South Korea
- India
- Australia
- China Taiwan
- Indonesia
- Thailand
- Malaysia
Latin America:
- Mexico
- Brazil
- Argentina Korea
- Colombia
Middle East & Africa:
- Turkey
- Saudi
- Arabia
- UAE
- Korea
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What are the Emerging Trends in the Global Apartment-style Hotel market?
The global apartment-style hotel market is seeing a rise in popularity due to the increasing demand for more flexible and comfortable accommodations. Current trends include the emphasis on a homely and personalized experience for guests, offering a range of amenities such as fully equipped kitchens and living areas. Emerging trends include the integration of smart technology and sustainable practices to cater to the modern traveler. Additionally, the growth of apartment-style hotels in urban areas and popular tourist destinations is expected to continue as travelers seek unique and spacious lodging options. Overall, the market is evolving to meet the changing preferences of today's travelers.
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Major Market Players
When it comes to the apartment-style hotel market, several key players dominate the industry. Some of the major players include Hilton Worldwide, Marriott International, Choice Hotels International, Wyndham Hotel Group, and InterContinental Hotels Group (IHG).
Hilton Worldwide is one of the largest players in the market with a wide range of brands under its portfolio, including Homewood Suites and Embassy Suites. The company has been experiencing steady market growth, with a focus on providing luxury apartment-style accommodations to cater to the increasing demand for extended stay options.
Marriott International is another key player in the apartment-style hotel market, with brands like Residence Inn and TownePlace Suites offering extended stay options to guests. The company has been investing in innovative technologies and sustainability practices to stay competitive in the market.
InterContinental Hotels Group (IHG) is also a prominent player in the apartment-style hotel market, with brands like Staybridge Suites and Candlewood Suites offering comfortable and convenient extended stay options for travelers. The company has been focusing on expanding its global presence and enhancing its loyalty programs to attract and retain customers.
In terms of market size, the apartment-style hotel market is expected to continue growing in the coming years, fueled by the increasing demand for extended stay accommodations from both business and leisure travelers. With the rise of remote work and the gig economy, more people are opting for longer stays in apartment-style hotels instead of traditional hotels.
Looking at the sales revenue of some of the major players, Marriott International reported sales revenue of $ billion in 2020, while Hilton Worldwide reported sales revenue of $4.31 billion in the same year. These figures indicate the strong market presence and financial performance of these companies in the apartment-style hotel market.
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