![]() Now that we understand the resilience of the long stay business, we should look at the financial metrics. Put plainly, people will cancel their weekend trip to Amsterdam because of Covid measures, but they won’t cancel their job or university studies. For short term stays, the cancellation rate in these countries is currently three times higher. These people are very often relocating for business or studies and once they book their stay, it’s likely that they will actually arrive. 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. The first graph shows long stay reservations, the second shows short stays. ![]() The cancellation rate shown below is calculated as reservations cancelled/reservations created in each week. Measures such as closed non-essential shops, restaurants and bars were introduced in the second half of November 2021 in these countries. Specially, this data covers Austria, the Netherlands, and Germany in 2021 between July 1 and the end of the year. ![]() We’ve even got the data to back it up.įirst, 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. Reading about these trends and company strategies, one might be wondering: “Is it really a good idea to start offering long-term accommodation?” To this, we say yes! It’s a great idea. The value and the resilience of long stay business What have we learned about the long stay vertical since then? Let us share it with you. And of course, we at Mews have been betting on long stays with our development.Įarly 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. The Social Hub has closed a massive €300M funding round to expand its concept, blurring lines between hotel and student accommodation around Europe. Companies like Sonder built their entire post-covid business strategy around extended stays. 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. Long stays have become one of the biggest trends in hospitality during the last two years. ![]()
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