Extended-stay hotels are growing increasingly popular among travelers as a temporary place to settle down, even while on the go.
Unlike typical accommodations catering to travelers on weekend or week-long trips, extended-stay rooms are designed for travelers who need to stay for at least 20 days, require kitchen access, and don’t want to pay for a full price hotel room. Patrons might include business travelers, construction crews, or even sports teams.
In the first quarter of 2023, the number of extended-stay hotel rooms surged to 51.5 million — up 43% from 2016.
In dollar terms, the sector brought in $4.37 billion in the same quarter — a $2 billion increase from 2016. Large hoteliers have taken notice of this surge and are investing heavily in the space to help meet demand.
From an operator’s perspective, these chains actually tend to be more preferable than regular hotel rooms. Extended-stay rooms require less upkeep from the front desk and housekeeping teams, and tend to be cheaper to build and finance than higher-end hotel rooms.
Extend Your Stay
As you gear up for your summer adventures, extended-stay hotels may be a great option to keep in mind if you’re looking to stay at your destination for longer than a week or two.
Extended-stay hotels are not just cheaper for operators. These rooms can make longer trips more affordable for travelers too. So far this year, the average nightly cost of an extended-stay room is $116.74, compared to $212 for a standard hotel room. And that’s without considering the added benefit of a kitchen, allowing guests to save on dining costs as well.
For those traveling in the right circumstances, you may be able to extend your stay and savings in one fell swoop.
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