The publish Accor’s global leadership position in the increasingly popular extended stay market continues to accelerate appeared first on TD (Journey Day by day Media) Brand TD.
Accor shared an replace on its market main place within the international prolonged keep, serviced residences 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 lodge 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 international manufacturers, Accor is the world’s largest participant within the class (exterior the US), with a excessive focus of properties throughout Europe and Asia.
“With new journey habits taking maintain and extra individuals searching for out longer stays, Accor has continued to do what we do greatest – lead the markets the place we have now deep roots, robust relationships, and a strong presence – similar to Europe, the Center East and Asia-Pacific,” mentioned Jean-Jacques Morin, Accor Deputy CEO and Premium, Midscale & Economic system Division CEO. “Over the previous couple of a long time, Accor has established stable bench energy in our prolonged keep portfolio with lots 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 similar to Novotel Residing, we’ll 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 the moment 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 progress fee (CAGR) of 11.8% over the following 10 years. In accordance with the World Serviced Residence Business Report (GSAIR) 2023, “Europe stays the epicenter of serviced condo demand,” whereas Asia Pacific accounts for the biggest share of company serviced condo volumes, with the UK a detailed second. The report additional identifies the cities with the best progress 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 embrace 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 condo initiatives underway together with the 250-key Sofitel Serviced Residences Riyadh.
CBRE Accommodations Analysis and STR have famous that within the US, lodge prolonged keep 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 remains to be “outpacing provide by practically three-to-one in most US markets.” Moreover, The Highland Group reviews that earlier this 12 months, “the economic system, mid-price, and upscale segments noticed demand rising by double-digit percentages whereas provide rose by solely low single-digit percentages.”
Accor’s international manufacturers with prolonged keep choices vary from economic 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 phase, Accor’s international manufacturers with prolonged keep embrace 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 lodge group to supply prolonged keep choices within the way of life phase, 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, similar to: The Sebel, Tribe Residing, Cassia, Mantra, Peppers, Artwork Sequence, 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 numerous portfolio of prolonged keep, serviced condo properties, and branded residences taking part in rental applications. Visitors and residents of those locations will profit from Accor’s way of life loyalty program ALL – Accor Dwell Limitless, a every day way of life companion that harnesses and enhances the manufacturers, companies, and partnerships provided by Accor’s worldwide ecosystem.
“The escalation of demand for prolonged keep properties is a worldwide phenomenon, pushed by a demographic shift amongst vacationers who’re taking longer journeys, mixing enterprise with leisure, and exploring locations extra absolutely,” mentioned Morin. “At Accor, we provide an unmatched portfolio of prolonged keep manufacturers to service any traveler kind and make sure that the model expertise of every stays true.”
The publish Accor’s global leadership position in the increasingly popular extended stay market continues to accelerate appeared first on Brand TD.