Published Date : Mar 04, 2016
The global hotel market is one of the major segments of the hospitality industry. There are several facilities provided by hotels for their customers such as conference facilities, childcare, business centers, swimming pool, and social functional services. The rapid growth of the travel and tourism industry is the key factor fueling the growth of the global hotels market.
In addition, the segmented offerings from the prominent players and increasing expenditure on travel and tourism are other factors that are estimated to boost the demand for hotels in the next few years across the globe. Moreover, the untapped opportunities in the luxury hotels segment are further anticipated to fuel the growth of the global hotels market in the coming years. On the other hand, the unstable political environment in several countries is one of the major reason that is anticipated to hamper the growth of the global hotels market in the near future.
Hotels, across the globe, can be divided on the basis of type into:
Among all these types, presently, the 3 star segment accounts the largest share in the overall hotels market. The rapid grow the 3 star segment can be attributed to the booming travel and tourism market and the increasing demand for a luxurious lifestyle. On the other hand, the growing demand for budget hotels is encouraging the growth of the unrated segment. In the coming years, this segment is estimated to grow at a significant growth rate in the next few years.
Some of the prominent players operating in the global hotels market are Hilton Worldwide Holdings, Starwood Hotels and Resorts Worldwide, Marriott International, Atlantis The Palm Limited, InterContinental Hotels Group Plc, Jumeirah International LLC, Four Seasons Holdings, Accor Group, ITC Ltd., and Indian Hotels Co Ltd.
The hotels market is projected to grow at a fast face owing to which the competitive landscape of the market is encouraging participation of several players in the near future. Several players are taking efforts to enter the market and create a niche for themselves.