The economy brand has been developed for the budget traveler in which the market segment does not rely on producing luxury accommodations but rather focuses on producing quality rooms at a low price. Econo Lodge and Rodeway Inn developed by Choice Hotels International, Travelodge and Super 8 Motel developed by Cendant, and others including America’s Best Value Inn, Motel 6, and Red Roof Inn, all serve as examples of the economy market. The customer in this market segment is not requesting exclusive services or accommodations but is looking for a low rate. Hoteliers experience low costs per room because they are not offering certain amenities such as complimentary continental breakfast, wireless internet, or a fitness center. Instead they are offering a quality guest room at a low, affordable price. This accommodation is appropriate for the traveler whose stay will be for a short period of time, and is not in need of many amenities or additional services.
The midscale market provides travelers with quality accommodations and amenities while paying a reasonable price. The rooms are most often interior corridor and spacious. This market offers many complimentary amenities and services such as breakfast, Internet access, food and beverage accommodations, and access to business and fitness centers. Such brands in this market include Hampton Inn, Holiday Inn, and La Quinta Inn. This particular market segment is the most prevalent as these brands best serve the common needs of consumers, but is still not too pricy. In addition, it is more available for franchisees to build and develop because costs of construction often are at a reasonable level, which can be covered by the room revenue of this market level.
The extended stay market is a new market segment that has experienced large growth over the past few years. Each major hospitality organization has released a brand that features guest rooms for the purpose of extended stay. These guest rooms usually comprise of bedroom, sitting area, and kitchenette or bar. Marriott has released Residence Inn, Towne Place Suites, and Spring Hill Suites. Intercontinental has released Candlewood Suites and Staybridge Suites, while Choice Hotels International has released Mainstay Suites, Comfort Suites, and Suburban Extended Stay Hotels. Extended stay brands are further being developed to provide a home-like atmosphere for travelers looking to stay for an extended period of time and who are in need of more suitable accommodations. These properties are more prominent in destination markets such as Orlando, Florida, where the consumer tends to spend at least four to six nights.
The upscale market segment generally includes hotels that provide full service and rooms which contain more ergonomic furniture and modern design. The room rates are much higher than that of the economy and midscale brands as this market segment offers more in terms of services. Some services, such as food and beverage or Internet access, are not usually found to be complimentary; however they are higher in quality than that of the midscale segment. Travelers that are looking to stay in more attractive accommodations with higher levels of service and plenty of amenities are sure to choose an upscale hotel such as Wyndham, Crowne Plaza, Marriott International, or Hilton.
Lastly, the luxury market includes hotels that are luxurious and feature the best accommodations in the lodging industry. The guest rooms are designed to be very spacious and comfortable with a modern upscale design. All hotels are full service and have amenities and accommodations that are quite lavish. Services found in this market level that are not found in others are concierge services, spa, recreational activities, and entertainment. This segment is intended for travelers willing to pay premium prices for first-class accommodations and service. Well-known brands in this segment include Ritz Carlton, Conrad, and Four Seasons.
Hotel companies continue to develop and release more brands despite the overwhelming amount of brands in each market segment. Choice Hotels International is currently building its latest brand, Cambria Suites, which is expected to debut early next year. This brand is expected to compete with Hilton Garden and Courtyard. Intercontinental has also developed a boutique hotel concept called Indigo Hotels, where the boutique hotel concept operates under franchise standards and reservation system. Hyatt International is now introducing its new brand, Hyatt Place, into the lodging industry. Hyatt Place is an all-suite property that is to serve the upscale market segment but offers lower prices than its flagship, Hyatt Hotel. Thus, consumers need not worry if they have not found a brand that fits them yet because there are new brands entering the industry.
The midscale market provides travelers with quality accommodations and amenities while paying a reasonable price. The rooms are most often interior corridor and spacious. This market offers many complimentary amenities and services such as breakfast, Internet access, food and beverage accommodations, and access to business and fitness centers. Such brands in this market include Hampton Inn, Holiday Inn, and La Quinta Inn. This particular market segment is the most prevalent as these brands best serve the common needs of consumers, but is still not too pricy. In addition, it is more available for franchisees to build and develop because costs of construction often are at a reasonable level, which can be covered by the room revenue of this market level.
The extended stay market is a new market segment that has experienced large growth over the past few years. Each major hospitality organization has released a brand that features guest rooms for the purpose of extended stay. These guest rooms usually comprise of bedroom, sitting area, and kitchenette or bar. Marriott has released Residence Inn, Towne Place Suites, and Spring Hill Suites. Intercontinental has released Candlewood Suites and Staybridge Suites, while Choice Hotels International has released Mainstay Suites, Comfort Suites, and Suburban Extended Stay Hotels. Extended stay brands are further being developed to provide a home-like atmosphere for travelers looking to stay for an extended period of time and who are in need of more suitable accommodations. These properties are more prominent in destination markets such as Orlando, Florida, where the consumer tends to spend at least four to six nights.
The upscale market segment generally includes hotels that provide full service and rooms which contain more ergonomic furniture and modern design. The room rates are much higher than that of the economy and midscale brands as this market segment offers more in terms of services. Some services, such as food and beverage or Internet access, are not usually found to be complimentary; however they are higher in quality than that of the midscale segment. Travelers that are looking to stay in more attractive accommodations with higher levels of service and plenty of amenities are sure to choose an upscale hotel such as Wyndham, Crowne Plaza, Marriott International, or Hilton.
Lastly, the luxury market includes hotels that are luxurious and feature the best accommodations in the lodging industry. The guest rooms are designed to be very spacious and comfortable with a modern upscale design. All hotels are full service and have amenities and accommodations that are quite lavish. Services found in this market level that are not found in others are concierge services, spa, recreational activities, and entertainment. This segment is intended for travelers willing to pay premium prices for first-class accommodations and service. Well-known brands in this segment include Ritz Carlton, Conrad, and Four Seasons.
Hotel companies continue to develop and release more brands despite the overwhelming amount of brands in each market segment. Choice Hotels International is currently building its latest brand, Cambria Suites, which is expected to debut early next year. This brand is expected to compete with Hilton Garden and Courtyard. Intercontinental has also developed a boutique hotel concept called Indigo Hotels, where the boutique hotel concept operates under franchise standards and reservation system. Hyatt International is now introducing its new brand, Hyatt Place, into the lodging industry. Hyatt Place is an all-suite property that is to serve the upscale market segment but offers lower prices than its flagship, Hyatt Hotel. Thus, consumers need not worry if they have not found a brand that fits them yet because there are new brands entering the industry.
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