Global residential hotel market size to reach USD 120.90 million by 2030



Global Residential Hotel Market Size, Share and Trends, COVID-19 Impact Analysis Report, by Type (Upscale Residential Hotel, Mid-Range Residential Hotel and Budget Residential Hotel), by Application (Travellers, Business Customers , trainers and trainees, government and military personnel, and others), and by region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), analysis and forecasts 2021-2030; Key players covered: Motel 6, Accor Hotels, Choice Hotels International, InTown Suites, Omni Hotels and Resorts, Four Seasons Hotels, Hyatt Hotel, Extended Stay America, Marriott International, Wyndham Hotel Group, InterContinental Hotels Group (IHG) and Hilton Worldwide and Over 30 prominent key players we covered in the final report.

New York, U.S., Nov. 10, 2022 (GLOBE NEWSWIRE) — The Global residential hotel market size was valued at USD 46.10 million in 2021 and is projected to reach USD 120.90 million by 2030, growing at a CAGR of 11.01% during the period 2021-2030. According to the latest research report from Spherical knowledge and tips. The residential hotel market has experienced moderate growth over the past year. Due to the growing number of consumers spending on travel and tourism. In some hotel residences, the services provided at home such as the housekeeper to cook, and the necessary equipment such as the refrigerator, the oven. These are the major factors that can boost the residential hotel market during the forecast period. Due to the longer dwell time, consumers are choosing foods like home due to an increase in health issues.

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The major trend in this industry is the easy availability and great convenience of hotel reservations such as online reservations. Moreover, booming travel and tourism industry across the country is another major factor contributing to the growth of the market, propelled by the development of different tourist spots and entertainment hubs. This industry is one of the sectors most affected by the COVID-19 pandemic which has reduced the demand for stays in the hotel sector across the world. Moreover, the increasing number of tourist centers around the world is another major factor driving the demand for long-term accommodation in different states across the country, which is also expected to boost the demand for markets across the globe in the future.

The biggest difference between an apartment hotel and other hotels is price, what guests are charged, and the different lifestyles often associated with each type of property. The average price of a night in a standard hotel room is higher than the average price of a night in a residential hotel room. Guests at most aparthotels can also expect to have amenities such as Wi-Fi and major utilities included in their nightly rate, while other hotels sometimes charge a fee for premium options. such as faster Internet access and movie rentals. For mid-range options, there are also differences such as laundromats in hotel residences versus professional on-site laundry services in other hotels. Additionally, hotels typically offer additional lounge areas, bars, restaurants, shops, and concierge services, which is not the norm at the average residential hotel.

These types of hotels are primarily used by travellers, business clients, trainers and trainees, and government and military personnel. They often feature a home away from home style and will often be referred to as apartment hotels or serviced apartments. Moreover, the growing number of business travelers is one of the major factors contributing to the growth of the residential hospitality market. Most of the companies from different industries have already planned to expand their geographical reach across the globe which is also pushing the demand for more companies such as foreign companies which are expected to drive the market in the near future. Additionally, with the country in lockdown for nearly a year, there will be pent-up demand for long-term travel and stays away from home for different categories of travellers. So it is a good opportunity for hotel businesses to grow. Much of the hotel activity comes from business travelers and that may not pick up immediately. However, leisure travel has immense reach given that it is pent-up demand and hotels will know how to make the most of it by offering attractive packages.

Browse key industry information spread across 175pages with 117 market data tables and The figures & graphics reportGlobal residential hotel market size, Share and Trends, COVID-19 Impact Analysis Report, by Type (High-End Serviced Apartment, Mid-Range Serviced Apartment, and Budget Serviced Apartment), by Application (Travellers, Business Customers, Trainers and Interns, Government Staff and the military, and others), and By region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), analysis and forecasts 2021-2030” in detail with the table of contents

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Residential hotel providers include Hilton Worldwide, Hyatt Hotel, Marriott International, InterContinental Hotels Group (IHG), Choice Hotels International, Accor Hotels and others. Companies operating in this sector focus more on efficient growth, operational efficiency and improving productivity, achieving high safety standards and maintaining sustainable development. The players are focused on securing a leading position in this industry. They are continually looking for opportunities to strengthen their competitive advantage. Achieving a higher market share and developing a socially responsible business involves identifying various strategic pillars such as mergers and acquisitions, new product launches, product improvements, etc.

Cloud-based servers have changed the game yet again, giving accommodation providers easy access to various real-time data that enables a more personalized and efficient user experience for hotel reservations. Additionally, operationally, it enables providers to use data to more quickly personalize customer experiences and build a more personalized relationship with them. With this trend comes a growing responsibility to manage data responsibly, respecting consumer preferences and rights.

Moreover, it is also easy for marketplace sellers to circulate deals and vouchers for their customers on an online channel, which is another reason for consumer adoption of online bookings. Consumers nowadays prefer to book a hotel stay through an online platform which also helps them to pre-book their stay at the desired hotels. Moreover, the online booking platform also helps to filter their specific needs such as various amenities, price ranges and luxury levels as well as room availability status. This factor is expected to generate huge opportunities for the vendors in the market over the forecast period.

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The North America region dominates the market share of the global residential hotel market as it is the oldest hotel market in the world with considerable service experience. However, Europe is the second largest market for serviced apartments due to the quality of service, classic style, interpersonal relations and not too luxurious interior elegance are all factors that contribute to the popularity of European hotels.

Key companies and recent developments: The report also provides elaborate analysis focusing on current business news and developments, including product development, innovations, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and others. This helps to assess the overall competition in the market. The “Global Apartment Hotel Market” research report will provide valuable insights with a focus on the global market. The major market players are Hilton Worldwide, InTown Suites, Hyatt Hotel, InterContinental Hotels Group (IHG), Choice Hotels International, Marriott International, Four Seasons Hotels, Accor Hotels, Omni Hotels & Resorts, Wyndham Hotel Group. The competitive landscape section also includes key development strategies, market shares, and market ranking analysis of the above mentioned players globally.

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