The hotel industry is amongst the key sectors within the hospitality sector. There are a number of facilities provided by hotels in terms of size, cost, and function. These facilities include childcare, swimming pools, business centers, social function services, and conference facilities, among others. The soaring travel and tourism industry is amongst the prime factors raising the development of the hotel industry.
A number of new trends have been observed within the hotels industry and these trends are poised to bring changes in the overall customer experience. These trends are elaborated as follows:
- 3 Star Segment, the Largest Segment: The 3 star-segment is amongst the largest market segment and took majority of the share within the global market. This is owing to the rising domestic tourism along with the growing demand for luxurious lifestyle. On the other hand, the unrated segment is predicted to be the most swiftly developing segment. The 5-star hotels segment has a great growth potential owing to the rising count of business travelers and the increasing demand for enhanced services.
- Rising Investment in Europe by Asia: The investors in Asia have been piling up in the hope to pick up bargains. Though Europe is presently losing its strength in dollar, still it is successful in achieving strength against a lot of Asian currencies.
- Shopping Services: In New York, high-end hotels are collaborating with top-notch retailers for offering insider luxury shopping experiences, as per the New York Times. Guests are able to shop for hours in some of these luxury hotels and some of these hotels even offer free facials coupled with a gift card worth $500
- North America, Biggest and the Most Rapidly Developing Market: The U.S. within the North America region held the largest share in the hotels market. The U.S has major count of the budget hotels and the boom in tourism and travel industry is also predicted to impact the hotels market positively.
The prime players operating in the market are Marriott International Inc., Hilton Worldwide Holdings Inc., InterContinental Hotels Group Plc., Accor Group, Indian Hotels Co Ltd., Starwood Hotels and Resorts Worldwide, Inc., ITC Ltd., Atlantis The Palm Limited, Four Seasons Holdings Inc., and Jumeirah International LLC, among others.