Global Residential Hotel Market Size, Share & Trends, COVID-19 Impact Analysis Report, By Type (Upscale Residential Hotel, Midscale Residential Hotel, and Economy Residential Hotel), By Application (Travelers, Business Customers, Trainers and Trainees, Government and Army Staff, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030Industry: Consumer Goods
The Global Residential Hotel Market Size was valued at USD 46.10 million in 2021 and is expected to reach USD 120.90 million by 2030, growing at a CAGR of 11.01% during 2021-2030.
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A residential hotel is essentially an apartment complex with maid service, a dining room, and room meal service. Residential hotels are available in a variety of price ranges, from luxurious to budget-friendly. In these hotels where guests can stay for a minimum period of one month and as long as a year. In these hotels, the room rate is calculated on a monthly, half-yearly, or annual basis. People who are on a temporary official deputation to a city where they do not have their home housing tend to frequent these motels. These hotels are tourist places for long staying tourists and tourists that come from other countries for a longer period. The amenities provided by these hotels are basic. The rising number of room bookings is boosting the new addition of rooms by different hotel chains which is one of the factors expected to drive the demand for the residential hotel sector.
The Covid-19 pandemic's forced lockdown and remote working were an unexpected reality check for businesses of all kinds. The pandemic's restrictions turned the world upside down, with industries like tourism and hospitality going bankrupt and countless businesses struggling to survive. The COVID-19 pandemic has drastically affected the hotel sector. Because of this pandemic, most enterprises or corporate companies have adopted work from the home culture to ensure the safety of their employees and other people from the virus which has led to a reduction in business travel across the country and generated a reduction in market demand.
Increase In Online Accommodation Booking Services Propel Market Growth
The developing countries are moving towards digitization. People started loving the use of the internet and smartphones. Online booking is the main benefit of technological advancement and improved digitization around the Globe. The quality of the room product and location, the amenities accessible to visitors, the level of service displayed by staff, and, most crucially, the price compared to its competition were all factors to consider when booking the stay. Easy online bookings are another reason for residential hotel hotels to manage to snag a huge portion of hotel customers. Data generation, storage, and use have never been as prevalent and important as it is today.
Rise In International and Domestic Tourism Drive Market Growth
The travel industry has had a difficult year, with lockdowns, border closures, and aircraft cancellations all contributing to poor tourism rates. In most countries, the travel & tourism industry generates major revenue and relies on this industry for their GDP share. The tourism industry is driven by social, religious, recreational, knowledgeable, and business purposes; and an increase in interest among people to experience adventure & entertainment. Today all government restrictions are closed and international and domestic travel started. Thus, it can be said that the demand for the residential hotels market has been accelerated by increasing numbers of business meetings and tourism. Furthermore, the rise in the travel and tourism industry is one of the leading factors for the growth of the residential hotel market. Moreover, market industrialization and urbanizations are directly responsible for fueling the growth of the residential hotel market.
COVID-19 Impact on Market Restrain Growth
Travel restrictions owing to COVID-19 continue to impact hospitality, travel, and tourism sectors around the world. More than 50% of the total leading hotel operators across the globe have shut down. Furthermore, most hotel operators are expected to regain their growth levels by the end of 2022. The hotel sector has been hit hard, grappling with significantly low demand, with very few future bookings. Essentially, all transient demand has completely vanished – the remaining is largely on account of either a few long-stay guests or hotels having been prescribed by the Government for international travelers.
The Global Residential Hotel Market is segmented by Type, Application, and Region. Based on the Type, the market is categorized into Upscale Residential Hotel, Midscale Residential Hotel, and Economy Residential Hotel. Based on Application, the market is categorized into Travelers, Business Customers, Trainers and Trainees, Government and Army Staff, and Others. Based on the Region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
MARKET SEGMENTATION: BY REGION
Based on the Region, the Residential Hotel Market is categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
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The North America region is dominating the market share of the global Residential Hotel Market owing to it being the world's oldest hotel market, with considerable service experience. Current state and development trends' hotel fund have the largest proportion of the global hotel fund (about 45 percent). Due to customized attention to each guest, American hospitality has a strong reputation.
Europe is the second-largest market for residential hotels due to the high-quality service, classic style, interpersonal relationships, and interior elegance that is not overly luxurious are all factors that contribute to the popularity of European hotels. Diversification of offers, the existence of different accommodation classes ranging from cheap to luxury; social segregation, which means that guests of a certain class do not interact with guests of a higher or lower class in a hotel; and a relatively small amount of guest room inventory that provides high-quality individual service are all characteristics of European hotels.
MARKET: COMPETITIVE LANDSCAPE
The Global Residential Hotel Market is highly fragmented and the major players have used various strategies such as new services, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The market seems to be moderately concentrated, and the big players mostly use product innovation and mergers & acquisitions to increase their market share and keep one step ahead of the competition.
MARKET: KEY PLAYERS
- Hilton Worldwide
- Hyatt Hotel
- Marriott International
- InterContinental Hotels Group (IHG)
- Choice Hotels International
- Accor Hotels
- Four Seasons Hotels
- Omni Hotels & Resorts
- InTown Suites
- Motel 6
- Residential hotel America
SCOPE OF THE REPORT
The scope of the report includes a detailed study of regional markets for the Global Residential hotel Market. The report covers the Global Residential hotel Market segmented by type and application. It reveals the market situation and future forecast. The study also covers the significant data presented with the help of graphs and tables. The report covers information regarding the competitive outlook including the market share and company profiles of the key participants operating in the Global Residential hotel Market.
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