Collapsible Christmas tree.
How it might work:
Paper - A paper lantern with alternating rings or an origami tree. Second one got me thinking of a metal fold away version ...
Fold Away - Metal rotational panels, slices of a tree's cross section.
Inflated - Plastic in the form of a tree.
Quick (5 min) sketch:
Craft paper tree but on a bigger scaleDecorated paper Christmas tree I like this one the most. My version would be made from recycled metal with a hinged center. Bring it out every year and decorate. Just fold back a hinge when you need the extra space for a holiday party.