Accor’s global leadership position in the increasingly popular extended stay market continues to accelerate
The put up Accor’s global leadership position in the increasingly popular extended stay market continues to accelerate appeared first on TD (Journey Every day Media) Brand TD.
Accor shared an replace on its market main place within the world prolonged keep, serviced flats and personal leases segments together with thrilling new locations for its Novotel Residing model. The forward-thinking extension of Novotel, one of many best-known midscale resort manufacturers on this planet, is now working in Singapore, Bangkok, Saigon, and Kazakhstan, with extra places quickly to comply with. With greater than 380 prolonged keep resorts underneath 14 world manufacturers, Accor is the world’s largest participant within the class (exterior america), with a excessive focus of properties throughout Europe and Asia.
“With new journey habits taking maintain and extra folks in search of out longer stays, Accor has continued to do what we do greatest – lead the markets the place now we have deep roots, robust relationships, and a strong presence – akin to Europe, the Center East and Asia-Pacific,” stated Jean-Jacques Morin, Accor Deputy CEO and Premium, Midscale & Financial system Division CEO. “Over the previous couple of many years, Accor has established strong bench power in our prolonged keep portfolio with a lot of our flagship manufacturers – from Adagio, which is Europe’s market chief within the aparthotel trade, to trendy serviced residences throughout our luxurious and way of life portfolios. With one of many quickest rising prolonged keep networks within the trade, and sturdy demand for our fashionable premium to midscale manufacturers akin to Novotel Residing, we are going to proceed to push the boundaries in creating revolutionary locations the place our visitors can reside, work, and play.”
The worldwide prolonged keep resorts market is at present valued at roughly USD 54.5 billion and projected to achieve USD 166.5 billion by 2032, as measured by Future Market Insights, predicting a compound annual development charge (CAGR) of 11.8% over the subsequent 10 years. Based on the World Serviced Residence Business Report (GSAIR) 2023, “Europe stays the epicenter of serviced house demand,” whereas Asia Pacific accounts for the most important share of company serviced house volumes, with the UK a detailed second. The report additional identifies the cities with the best development in demand as Riyadh, London, and Singapore.
Past the brand new Novotel Residing locations, Accor not too long ago opened Pullman Residing Dongguan Discussion board 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 within the Ivory Coast; Rome, Italy; Whitechapel London, UK; and Heidelberg, Germany. In the meantime in Riyadh, Accor has a number of extremely anticipated luxurious serviced house tasks underway together with the 250-key Sofitel Serviced Residences Riyadh.
CBRE Lodges Analysis and STR have famous that within the US, resort prolonged keep portfolios have expanded by “greater than 50% – a CAGR of seven.1% versus 3.2% for the US market as a complete.” 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 almost three-to-one in most US markets.” Moreover, The Highland Group stories that earlier this 12 months, “the financial system, mid-price, and upscale segments noticed demand growing by double-digit percentages whereas provide rose by solely low single-digit percentages.”
Accor’s world manufacturers with prolonged keep choices vary from financial system to luxurious, together with Europe’s market chief Adagio and Adagio Entry, refreshingly trendy Mercure Residing, and one of many latest and hottest, Novotel Residing. Within the premium section, Accor’s world manufacturers with prolonged keep embody Swissôtel Residing, Pullman Residing, and Mövenpick Residing. Accor’s serviced residences within the luxurious and higher upscale classes are discovered among the many Fairmont, Sofitel and MGallery Residing manufacturers. Accor is the one main resort group to supply prolonged keep choices within the way of life section, represented by Ennismore’s Hyde, Mondrian, SLS and SO/ manufacturers. Along with these, Accor has a number of manufacturers working prolonged keep on a regional foundation, akin to: The Sebel, Tribe Residing, Cassia, Mantra, Peppers, Artwork Collection, and Breakfree, together with one other 33,000 non-public villas, flats, and branded residences operated in rental applications.
A devoted reserving web site permits vacationers to discover and choose from Accor’s various portfolio of prolonged keep, serviced house properties, and branded residences taking part in rental applications. Company and residents of those locations will profit from Accor’s way of life loyalty program ALL – Accor Stay Limitless, a day by day way of life companion that harnesses and enhances the manufacturers, providers, and partnerships provided via Accor’s worldwide ecosystem.
“The escalation of demand for prolonged keep properties is a world 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 prolonged keep manufacturers to service any traveler sort and make sure that the model expertise of every stays true.”
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