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Rethinking hotel spaces with long stay accommodation
Long stays have become one of the biggest trends in hospitality during the last two years. In their Report on Travel & Living, Airbnb mentions the share of long stays (reservations longer than 28 nights) increased from 14% in 2019 to 24% in 2021. Companies like Sonder built their entire post-covid business strategy around extended stays. The Social Hub has closed a massive €300M funding round to expand its concept, blurring lines between hotel and student accommodation around Europe. And of course, we at Mews have been betting on long stays with our development.
Early in 2021, we described our vision for a hybrid model of hospitality, offering various services in various time frames, all of them supported by a single system. What have we learned about the long stay vertical since then? Let us share it with you.
The value and the resilience of long stay business
Cancellation rate data
First, we looked at the resilience of long stay business and compared cancellation rates for stays of 1-7 days with those longer than 27 days in countries recently impacted by strict covid measures. Specially, this data covers Austria, the Netherlands, and Germany in 2021 between July 1 and the end of the year. Measures such as closed non-essential shops, restaurants and bars were introduced in the second half of November 2021 in these countries.
The cancellation rate shown below is calculated as reservations cancelled/reservations created in each week. The first graph shows long stay reservations, the second shows short stays.
What does the chart tell us? Guests booking stays longer than 27 days are much less likely to let Covid measures change their decision to travel. These people are very often relocating for business or studies and once they book their stay, it’s likely that they will actually arrive. For short term stays, the cancellation rate in these countries is currently three times higher. Put plainly, people will cancel their weekend trip to Amsterdam because of Covid measures, but they won’t cancel their job or university studies.
Long stay hotels
Long stay hotels are becoming increasingly popular as more people choose them as an ideal choice for extended stays. The benefits of choosing a long stay hotel are manifold. The most significant advantage is the affordability of staying at such a hotel. Long stay hotels usually offer all-inclusive packages that are cheaper than short term stays or renting an apartment. This is because they provide amenities such as utilities, Wi-Fi, breakfast, and laundry services that are often separate costs in other forms of accommodation.
Apart from cost-saving benefits, long-stay hotels offer practicality, making them suitable for business travellers who need a particular location for work or study. The hotels come equipped with workspaces and kitchenettes that allow you to stay productive and focused in a comfortable space. Moreover, the majority of long-stay hotels are located in prime travel destinations such as urban centres, which makes it easier to explore different regions without compromising on your accommodation needs. Ultimately, long-stay hotels offer guests practicality, convenience, and affordability, making them an excellent choice for extended stays of a week or two.
Affordable hotels with monthly rates
Traveling to a new place for an extended period of time can be both exciting and challenging. Finding accommodation that is comfortable, convenient, and affordable can be a daunting task, but there are many options available to travelers. One such option is to look for affordable hotel chains that offer monthly rates, which can save travelers a significant amount of money compared to daily rates. Some of the most popular hotel chains that offer monthly rates include Extended Stay America, WoodSpring Suites, Candlewood Suites, and Homewood Suites. These hotels also come with a variety of amenities to make the stay comfortable, including free Wi-Fi, laundry facilities, and fully equipped kitchens in each room. However, if traditional hotel chains aren’t your style, there are also budget-friendly options such as hostel and guesthouses that offer even lower rates for longer stays. To find the best option for you, research different hotels, compare rates and amenities, and check the location’s proximity to public transportation and amenities. With a little research, travelers can find affordable and comfortable accommodations to make their extended stay a pleasant one.
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