Accor has shared an update on its market-leading position in the global extended stay, serviced apartments and private rentals segments, including exciting new destinations for its Novotel Living brand. The forward-thinking extension of Novotel, one of the best-known midscale hotel brands in the world, is now operating in Singapore, Bangkok, Saigon, and Kazakhstan, with more locations soon to follow. With more than 380 extended-stay hotels under 14 global brands, Accor is the world’s largest player in the category (outside the United States), with a high concentration of properties across 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 AsiaPacific,” said Jean-Jacques Morin, Accor Deputy CEO and Premium, Midscale and 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 hotels market is currently valued at approximately USD 54.5 billion and projected to reach USD 166.5 billion by 2032, as measured by Future Market Insights, predicting a compound annual growth rate (CAGR) of 11.8 percent over the next ten years.
“The escalation of demand for extended stay properties is a global phenomenon, driven by a demographic shift among travellers who are taking longer trips, mixing business with leisure, and exploring destinations more fully,” said Morin.
“At Accor, we offer an unmatched portfolio of extended stay brands to service any traveller type and ensure that the brand experience of each remains true.”
