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The hotel industry is expected to experience massive growth this year, and one thing driving this expansion is the extended-stay model. The industry is projected to reach more than $426B in global revenue by the end of 2024. It is on pace for an annual growth rate of 3.7% for the next five years and is expected to reach a market value of nearly $512B by 2029.

Extended-stay hotels, which provide lodging for travelers who need more amenitized accommodations for a few weeks or even months, have risen in popularity due to the flexibility they offer in a world where remote work culture has reigned supreme since the pandemic.