Accommodating Alternatives

Extended stay lodging continues to evolve, welcoming a changing mix of business travelers
For extended stay hotels, serviced apartments, corporate housing and other players in the long-term lodging market, the lines are blurring and a new term is being heard in the industry – “alternative accommodations.”

The bigger players in this segment have been operating corporate housing or serviced apartment companies for decades, but recently the rise of peer-to-peer providers like Airbnb has focused more attention on outside-the-box lodging options for business travel.

“Research shows the alternative accommodation space is growing at twice the rate of the broader lodging space,” says Jon Wohlfert, founding partner and co-CEO of RESIDE Worldwide, Inc. “In addition to awareness, the growth is driven by the rapidly expanding need for flexible, shorter-term living options desired by business travelers from both the Millennial and Baby Boomers sets.”

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