Accor continues to accelerate global expansion

Accor has shared an update on its market leading position in the global extended stay, serviced apartments and private rentals segments including new destinations for its Novotel Living brand. The “forward-thinking” extension of Novotel, one of the best-known midscale hotel brands in the world, is now operating in Singapore, Bangkok, Saigon, and Kazakhstan, with more locations soon to follow. With more than 380 extended stay hotels under 14 global brands, Accor is the world’s largest player in the category (outside the United States), with a high concentration of properties across Europe and Asia. Jean-Jacques Morin, Accor deputy CEO and premium, midscale and economy division CEO, said: “With new travel habits taking hold and more people seeking out longer stays, Accor has continued to do what we do best – lead the markets where we have deep roots, strong relationships, and a powerful presence – such as Europe, the Middle East and Asia-Pacific. “Over the past couple of decades, Accor has established solid bench strength in our extended stay portfolio with many of our flagship brands – from Adagio, which is Europe’s market leader in the aparthotel industry, to stylish serviced residences across our luxury and lifestyle portfolios. With one of the fastest growing extended stay networks in the industry, and robust demand for our popular premium to midscale brands such as Novotel Living, we will continue to push the boundaries in creating innovative places where our guests can live, work, and play.” The global extended stay hotels market is currently valued at approximately $54.5bn (£44.4bn) and projected to reach $166.5bn (£135.9bn) by 2032, as measured by Future Market Insights, predicting a compound annual growth rate (CAGR) of 11.8% over the next 10 years. According to the Global Serviced Apartment Industry Report (GSAIR) 2023, “Europe remains the epicentre of serviced apartment demand,” while Asia Pacific accounts for the largest share of corporate serviced apartment volumes, with the UK a close second. The report further identifies the cities with the greatest growth in demand as Riyadh, London, and Singapore. Beyond the new Novotel Living destinations, Accor recently opened Pullman Living Dongguan Forum in China, and Adagio is celebrating its 15th anniversary in 2023 with the opening of eleven new aparthotels across five continents. New destinations include Abidjan Marcory in the Ivory Coast, Rome, Italy, Whitechapel London, UK, and Heidelberg, Germany. Meanwhile in Riyadh, Accor has several highly anticipated luxury serviced apartment projects underway including the 250-key Sofitel Serviced Residences Riyadh. Accor’s global brands with extended stay offerings range from economy to luxury, including Europe’s market leader Adagio and Adagio Access, refreshingly modern Mercure Living, and one of the newest and most popular, Novotel Living. In the premium segment, Accor’s global brands with extended stay include Swissôtel Living, Pullman Living, and Mövenpick Living. Accor’s serviced residences in the luxury and upper upscale categories are found among the Fairmont, Sofitel and MGallery Living brands. A dedicated booking website allows travellers to explore and select from Accor’s diverse portfolio of extended stay, serviced apartment properties, and branded residences participating in rental programs. Guests and residents of these destinations will benefit from Accor’s lifestyle loyalty programme ALL – Accor Live Limitless, a daily lifestyle companion that harnesses and enhances the brands, services, and partnerships offered through Accor’s worldwide ecosystem Morin added: “The escalation of demand for extended stay properties is a global phenomenon, driven by a demographic shift among travellers who are taking longer trips, mixing business with leisure, and exploring destinations more fully. “At Accor, we offer an unmatched portfolio of extended stay brands to service any traveller type and ensure that the brand experience of each remains true.”