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The submit Accor’s global leadership position in the increasingly popular extended stay market continues to accelerate appeared first on TD (Travel Daily Media) Brand TD.
Accor shared an replace on its market main position in the global extended stay, serviced residences and personal leases segments together with thrilling new locations for its Novotel Living model. The forward-thinking extension of Novotel, one in all the best-known midscale lodge manufacturers in the world, is now working in Singapore, Bangkok, Saigon, and Kazakhstan, with extra places quickly to observe. With greater than 380 extended stay lodges below 14 global manufacturers, Accor is the world’s largest participant in the class (exterior the United States), with a excessive focus of properties throughout Europe and Asia.
“With new travel habits taking hold and more people seeking out longer stays, Accor has continued to do what we do best – lead the markets where we have deep roots, strong relationships, and a powerful presence – such as Europe, the Middle East and Asia-Pacific,” mentioned Jean-Jacques Morin, Accor Deputy CEO and Premium, Midscale & Economy Division CEO. “Over the past couple of decades, Accor has established solid bench strength in our extended stay portfolio with many of our flagship brands – from Adagio, which is Europe’s market leader in the aparthotel industry, to stylish serviced residences across our luxury and lifestyle portfolios. With one of the fastest growing extended stay networks in the industry, and robust demand for our popular premium to midscale brands such as Novotel Living, we will continue to push the boundaries in creating innovative places where our guests can live, work, and play.”
The global extended stay lodges market is presently valued at roughly USD 54.5 billion and projected to attain USD 166.5 billion by 2032, as measured by Future Market Insights, predicting a compound annual progress charge (CAGR) of 11.8% over the subsequent 10 years. According to the Global Serviced Apartment Industry Report (GSAIR) 2023, “Europe remains the epicenter of serviced apartment demand,” whereas Asia Pacific accounts for the largest share of company serviced condominium volumes, with the UK an in depth second. The report additional identifies the cities with the best progress in demand as Riyadh, London, and Singapore.
Beyond the new Novotel Living locations, Accor lately opened Pullman Living Dongguan Forum in China, and Adagio is celebrating its 15th anniversary in 2023 with the opening of 11 new aparthotels throughout 5 continents. New locations embrace Abidjan Marcory in the Ivory Coast; Rome, Italy; Whitechapel London, UK; and Heidelberg, Germany. Meanwhile in Riyadh, Accor has a number of extremely anticipated luxurious serviced condominium tasks underway together with the 250-key Sofitel Serviced Residences Riyadh.
CBRE Hotels Research and STR have famous that in the US, lodge extended stay portfolios have expanded by “more than 50% – a CAGR of 7.1% versus 3.2% for the US market as a whole.” And but, as a current report by Skift highlights (with figures from The Highland Group), demand for extended-stay lodging continues to be “outpacing supply by nearly three-to-one in most US markets.” Furthermore, The Highland Group reviews that earlier this yr, “the economy, mid-price, and upscale segments saw demand increasing by double-digit percentages while supply rose by only low single-digit percentages.”
Accor’s global manufacturers with extended stay choices vary from financial system to luxurious, together with Europe’s market chief Adagio and Adagio Access, refreshingly trendy Mercure Living, and one in all the latest and most popular, Novotel Living. In the premium section, Accor’s global manufacturers with extended stay embrace Swissôtel Living, Pullman Living, and Mövenpick Living. Accor’s serviced residences in the luxurious and higher upscale classes are discovered amongst the Fairmont, Sofitel and MGallery Living manufacturers. Accor is the solely main lodge group to supply extended stay choices in the way of life section, represented by Ennismore’s Hyde, Mondrian, SLS and SO/ manufacturers. In addition to these, Accor has a number of manufacturers working extended stay on a regional foundation, comparable to: The Sebel, Tribe Living, Cassia, Mantra, Peppers, Art Series, and Breakfree, together with one other 33,000 non-public villas, residences, and branded residences operated in rental applications.
A devoted reserving web site permits vacationers to discover and choose from Accor’s various portfolio of extended stay, serviced condominium properties, and branded residences collaborating in rental applications. Guests and residents of those locations will profit from Accor’s way of life loyalty program ALL – Accor Live Limitless, a each day way of life companion that harnesses and enhances the manufacturers, providers, and partnerships supplied by Accor’s worldwide ecosystem.
“The escalation of demand for extended stay properties is a global phenomenon, driven by a demographic shift among travelers who are taking longer trips, mixing business with leisure, and exploring destinations more fully,” mentioned Morin. “At Accor, we offer an unmatched portfolio of extended stay brands to service any traveler type and ensure that the brand experience of each remains true.”
The submit Accor’s global leadership position in the increasingly popular extended stay market continues to accelerate appeared first on Brand TD.
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