The Hotel industry is known for its conservative approach and its traditional established standards. However, one trend is currently transforming the landscape and redefining comfort for those who value more than just a quick stopover. Extended stay hotels are gaining momentum, reshaping the industry, and redefining what modern hospitality looks and feels like.
What Exactly Are Extended Stay Hotels?
Extended stay hotels, also known as aparthotels, are essentially a hybrid between a standard hotel and a fully equipped apartment. They are specifically designed for travelers who wish to stay for more extended periods – often several weeks or months. They come fully furnished with kitchen facilities, larger living spaces, separate bedrooms, laundry facilities, and often other home-like amenities that extremely appeal to guests seeking a ‘home base’ while on long-term travel.
Why are Extended Stay Hotels a Trend?
Extended stay hotels cater to a growing market segment that traditional hotels often overlook. Corporate travelers, families on vacation, people relocating, and others needing a temporary residence are finding extended stay hotels to be the ideal solution.
There are a couple of reasons why this trend is becoming so prevalent in the hospitality industry:
1. Cost-Effective: When you plan to stay somewhere for a longer duration, you would prefer a sensible pricing model. Extended stay hotels often offer lower nightly rates for longer stays, becoming more economically sensible for long-term guests.
2. Home-Like Comfort: Having a fully equipped kitchen, laundry facilities, free Wi-Fi, and extra living space is like staying in a home-away-from-home.
3. Flexibility: Extended stay hotels offer flexible facilities, such as 24-hour check-ins, housekeeping services, fitness centres, and often, pet-friendly rooms.
Reshaping the Hotel industry
This booming trend of extended stay hotels is now redefining the hotel industry to become more dynamic, flexible, and adapted to changing customer needs. Businesses are now investing more in this segment, outlining the industry’s increasing profitability.
The extended storage hotels trend brings a change of designs as these hotels aim to create a homely environment for their guests. Many extended stay hotels also offer communal areas for guests to socialize, reinforcing the community orientated environment.
These hotels are also introducing innovative business models to the industry. Traditional revenue management strategies need to be reconsidered to accommodate the different booking habits and stay patterns of these guests.
From a customer perspective, these hotels are leading the industry to a new direction where customer comfort is the main priority.
In Conclusion
Extended stay hotels are an innovative solution catering to the evolving needs of the millennial traveler, professionals on extensive business trips, families on long vacations or individuals in need of temporary accommodation.
The trend is reshaping the hotel industry by disrupting traditional norms and introducing a more home-like, flexible, and cost-effective accommodation solution for long-term stays. While it presents new challenges and competition, it also brings numerous opportunities to thrive and expand in this dynamic market segment.
The trend of extended stay hotels is undeniable, suggesting a notable shift in the hospitality industry, from traditional hotels to a more personal and home-like accommodation model.