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The put up 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, considered one of the best-known midscale resort manufacturers in the world, is now working in Singapore, Bangkok, Saigon, and Kazakhstan, with extra areas quickly to observe. With greater than 380 extended stay accommodations 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 journey habits taking maintain and extra individuals looking for out longer stays, Accor has continued to do what we do finest – lead the markets the place we’ve got deep roots, robust relationships, and a strong presence – comparable to Europe, the Middle East and Asia-Pacific,” stated Jean-Jacques Morin, Accor Deputy CEO and Premium, Midscale & Economy Division CEO. “Over the previous couple of many years, Accor has established stable bench power in our extended stay portfolio with a lot of our flagship manufacturers – from Adagio, which is Europe’s market chief in the aparthotel business, to fashionable serviced residences throughout our luxurious and way of life portfolios. With considered one of the quickest rising extended stay networks in the business, and strong demand for our popular premium to midscale manufacturers comparable to Novotel Living, we’ll proceed to push the boundaries in creating modern locations the place our company can dwell, work, and play.”

The global extended stay accommodations market is at present 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 stays the epicenter of serviced house demand,” whereas Asia Pacific accounts for the largest share of company serviced house volumes, with the UK a detailed 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 embody 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 house tasks underway together with the 250-key Sofitel Serviced Residences Riyadh.

CBRE Hotels Research and STR have famous that in the US, resort extended stay portfolios have expanded by “greater than 50% – a CAGR of seven.1% versus 3.2% for the US market as an entire.”  And but, as a current report by Skift highlights (with figures from The Highland Group), demand for extended-stay lodging continues to be “outpacing provide by practically three-to-one in most US markets.”  Furthermore, The Highland Group stories that earlier this 12 months, “the economic system, mid-price, and upscale segments noticed demand growing by double-digit percentages whereas provide rose by solely low single-digit percentages.”

Accor’s global manufacturers with extended stay choices vary from economic system to luxurious, together with Europe’s market chief Adagio and Adagio Access, refreshingly trendy Mercure Living, and considered one of the latest and most popular, Novotel Living. In the premium phase, Accor’s global manufacturers with extended stay embody 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 resort group to provide extended stay choices in the way of life phase, 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 packages.

A devoted reserving web site permits vacationers to discover and choose from Accor’s numerous portfolio of extended stay, serviced house properties, and branded residences collaborating in rental packages. Guests and residents of those locations will profit from Accor’s way of life loyalty program ALL – Accor Live Limitless, a every day way of life companion that harnesses and enhances the manufacturers, companies, and partnerships provided via Accor’s worldwide ecosystem.

“The escalation of demand for extended stay properties is a global phenomenon, pushed by a demographic shift amongst vacationers who’re taking longer journeys, mixing enterprise with leisure, and exploring locations extra totally,” stated Morin. “At Accor, we provide an unmatched portfolio of extended stay manufacturers to service any traveler sort and be certain that the model expertise of every stays true.”

 

 

 

The put up Accor’s global leadership position in the increasingly popular extended stay market continues to accelerate  appeared first on Brand TD.

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