In the increasingly competitive realm of extended stay accommodations, Accor, a titan in the global hospitality industry, continues to outpace its rivals and solidify its dominance. With an expansive portfolio boasting over 380 hotels and 45,000 keys, Accor’s brands, such as Adagio and Novotel Living, are at the forefront of this remarkable growth.
Today, Accor has graciously shared a comprehensive update, shedding light on its unparalleled position in the extended stay, serviced apartments, and private rental segments. The company has unveiled exciting new locations for its esteemed Novotel Living brand, now gracing significant cities like Singapore, Bangkok, Saigon, and Kazakhstan, promising more. Accor’s impressive collection spans 14 global brands, marking it as the most significant entity in this sector outside the United States, with a strong presence across Europe and Asia.
Jean-Jacques Morin, Deputy CEO of Accor and CEO of the Premium, Midscale & Economy Division.
Jean-Jacques Morin, Deputy CEO of Accor and CEO of the Premium, Midscale & Economy Division, eloquently stated, “With the emergence of new travel habits and an increasing appetite for extended stays, Accor remains steadfast in leading markets where our roots run deep, our relationships are strong, and our presence is undeniable, particularly in Europe, the Middle East, and Asia-Pacific regions.” Morin continued, “With a track record spanning decades, Accor has built an impressive extended stay portfolio with our flagship brands. From Adagio, Europe’s aparthotel industry leader, to our luxurious and lifestyle serviced residences, we are setting the pace with one of the fastest-growing networks in the sector, ensuring our guests have access to innovative spaces to live, work, and play.”
According to Future Market Insights, the global extended stay hotels market is valued at a staggering USD 54.5 billion, with projections indicating a rise to USD 166.5 billion by 2032. This translates to a Compound Annual Growth Rate (CAGR) of 11.8% over the next decade. The Global Serviced Apartment Industry Report (GSAIR) 2023 highlights Europe as the epicentre of demand for serviced apartments, with the Asia Pacific region and the UK following closely. Riyadh, London, and Singapore are identified as the cities experiencing the most significant growth in demand.
Accor continues to push boundaries and expand its footprint. The company recently unveiled the Pullman Living Dongguan Forum in China and celebrated the 15th anniversary of Adagio, marking the occasion with the opening of eleven new aparthotels across five continents. In Riyadh, a series of highly anticipated luxury serviced apartment projects are underway, including the 250-key Sofitel Serviced Residences Riyadh.
While the U.S. extended stay hotel portfolios have experienced growth, noted by CBRE Hotels Research and STR, the demand continues to outpace supply, a trend highlighted in a recent report by Skift, utilizing data from The Highland Group. Demand has surged by double-digit percentages in the economy, mid-price, and upscale segments, while supply has seen a modest single-digit increase.
Accor’s extensive range of brands catering to extended stays spans from economy to luxury, with highlights including Adagio and Adagio Access, Mercure Living, and the popular Novotel Living. The premium segment features Swissôtel Living, Pullman Living, and Mövenpick Living, while luxury and upper upscale categories boast Fairmont, Sofitel, and MGallery Living brands. Accor is the only primary hotel group offering extended stay options in the lifestyle segment, represented by Ennismore’s Hyde, Mondrian, SLS, and SO/ brands. Furthermore, Accor operates an additional 33,000 private villas, apartments, and branded residences in rental programs.
Accor has developed a dedicated booking website, providing a seamless interface for travellers to navigate and select from its diverse extended-stay properties, serviced apartments, and branded residences. Guests and residents alike can immerse themselves in the world of Accor through the ALL–Accor Live Limitless program, a daily lifestyle companion integrating brands, services, and partnerships from Accor’s global ecosystem.
Jean-Jacques Morin concluded, “The burgeoning demand for extended stay properties is a worldwide phenomenon, spurred by a demographic shift of travelers seeking longer stays, blending business with leisure, and delving deeper into their destinations. At Accor, our unmatched portfolio of extended stay brands ensures a consistent and authentic brand experience for every type of traveler.”
This is a testament to Accor’s unwavering commitment to innovation, excellence, and leadership in the global hospitality industry.
Written by: Michelle Warner
