The extended stay hotel market is forecast to nearly triple in value this year (from $48.6 billion to $132.4 billion). And hotels aren’t the only accommodation sector witnessing this monumental growth. The past couple of years has seen demand for extended stay properties such as short-term rentals rise sharply by 73% (vs. 56% for hotels).
What’s driving extended stays business trips?
The spike in popularity for accommodation bookings over 28 days is likely caused by dominating travel trends like digital nomadism, bleisure trips, and blended travel. According to an American Hotel & Lodging Association study, almost 9 in 10 travelers want to add leisure time to their next business trip. Further research highlights that 82% of bleisure travelers choose to stay at the same accommodation for both elements of their trip.
Another factor likely contributing to the rise in extended corporate travel is the ongoing challenge presented by inflation. Companies aiming to combat increased travel costs and reduce overheads are combining business trips to be more cost-efficient. This is shown in research where 4 out of 5 employees admit “more travel falls on fewer shoulders” within their company.
If you’re planning on booking extended stay housing for business travel, here are five reasons why extended stay guests require specialist housing…
It provides a home away from home
If your employees are going to be staying in the same accommodation for more than 28 days, it’s vital to ensure it’s comfortable, convenient, and homely. What this looks like for each employee will often differ, so be sure to involve them in the booking process. Some employees, for example, may wish to travel with their pets, meaning they’d require access to outside spaces like a garden. Those using temporary housing during relocations may instead need ample space to accommodate their family.
While meeting individual business traveler requirements may sound complex, all-in-one booking marketplaces with amenity filters make the entire process from searching to booking a breeze. So, if your employee needs housing with a baby gate, don’t spend hours looking for and verifying specific accommodation — online booking tools have you covered.
__It better meets employee requirements __
Length of stay can help to determine the type of accommodation your employee will need. Where hotels are fantastic for short-stay trips, such as a three-day stay for client meetings, they aren’t always the best option for those staying more long-term. This is largely due to the lack of facilities and amenities available.
Other housing types, such as serviced apartments, condos, short-term rentals, and aparthotels may be better suited for extended stay corporate travelers, as they’re able to offer in-unit amenities such as kitchen facilities and laundry machines. These options, especially serviced apartments and short-term rentals, also tend to have larger living spaces, providing a more comfortable environment for long-term stays.
It’s more connected
It’s important to consider the connectivity of corporate travel accommodation, both in terms of proximity to the city, office, or venue and for accessibility to business travel essentials like fast WiFi and co-working spaces. Choosing well-located and equipped housing can reduce inconveniences such as transport time (as well as cost), ensuring your employee has a better business travel experience.
__It puts convenience first __
Business travelers, especially those away from home for extended periods of time, are more prone to stress and burnout. Employers can ease some of the pressure of travel by choosing tech-powered accommodation that provides solutions for convenient living. Smart locks, for example, mean travelers don’t need to collect physical keys from property managers. Instead, guests receive a digital code that enables seamless property access throughout their stay. A major benefit of these tech solutions is that they simplify processes like checking in, allowing travelers to arrive in their own time. This means travelers don’t have the added stress of messaging the property manager if they’re running behind due to transport delays.
Other smart home tech solutions that can improve your travelers' experience include smart thermostats and virtual assistants, like Amazon’s Alexa device. Travel managers can specify tech amenities like these when searching for properties on online booking tools.
__It ensures first-class communication __
Whether your employees are traveling for three days or three months, you have a duty of care to support them throughout the entire trip. Booking specialist accommodation with 24/7 guest services can help you meet your employees' communication needs. This is even more necessary for those traveling in different time zones, as the provider can resolve any housing or destination inquiries in real time.
Choosing specialist housing for employees on extended stay business trips is essential for their comfort, convenience, and overall experience. Getting the accommodation right for each employee is down to the finer details, like the type of accommodation, amenities available, destination proximity, tech solutions, and customer support. Luckily, this process is made easy by online booking tools, which provide an array of amenity filters and quality pre-vetted accommodation options.
3Sixty
At 3Sixty, the business travel industry’s most secure and intuitive accommodation platform, we offer over one million quality accommodations around the world, including serviced apartments, short-term rentals, hotels, aparthotels, and condos.