There are 6 types of hotels across the world, unrated, 1-star,
2-star, 3-star, 4-star, and 5-star. Among these, the 3-star hotels
segment has recorded the highest growth, owing to the increased
capacity for expenditure among middle-class customers.
The recent boom in
the hospitality sector has boosted the global hotels industry to a
great extent. The rise in disposable income has enabled people to
spend on touring and traveling to various places, which has
transformed the market for hotels in the global scenario.
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Research Report of Hotels Market :
Analysts have
determined that the worldwide global hotel market stood at US$534.02
billion in 2014. Over the period from 2015 to 2021, the market is
expected to develop significantly on account of heavy investments
from major market players and report a CAGR of 4%, attaining an
estimated value of US$702.74 billion by 2021.
3-Star Hotels
Market: Rising Prosperity among Middle-class Consumers Boosting
Market Growth
There are 6 types of
hotels across the world, unrated, 1-star, 2-star, 3-star, 4-star, and
5-star. Among these, the 3-star hotels segment has recorded the
highest growth, owing to the increased capacity for expenditure among
middle-class customers. The rising number of visitors has encourages
hoteliers to add more facilities to their 3-star hotels, which is
drawing more attention from customers and fueling the 3-star hotels
market.
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Report :
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On the other hand,
analysts expect the unrated hotels segment to register the fastest
growth in the near future, owing to the increasing demand for budget
hotels from backpackers and regular travelers. On the other end of
the spectrum, the 5-star hotels segment is also showing huge
potential for growth on account of the rising number of business
travelers and the increasing demand for high-quality services in the
global arena.
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of Hotels Market :
North America:
U.S. Emerges as Biggest Contributor
The hotels market in
North America has acquired the leading position in the global
industry. The dominance of this region is attributed to the huge base
of luxury hotels present in the U.S., owing to which the U.S. hotels
market accounted for US$113.60 billion in 2014. The regional market
is most likely to maintain its dominance in the forthcoming years.
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Release of Hotels Market :
On the other hand,
experts anticipate the market for hotels in Asia Pacific to reach
US$154.59 billion by 2021, wherein Singapore is projected to report
the fastest growth, at a CAGR of 6.1% between 2015 and 2021. The
rapid increase in business travel and medical tourism, coupled with
aggressive branding strategies by major players, is the main reason
propelling this regional market.
The European hotels
industry is projected to witness sluggish growth in the near future.
However, the hotel market in the rest of the world is predicted to
show significant development, owing to the rise in the 4-star hotels
segment in the UAE. In 2014, the UAE hotels market reported an
aggregate market value of US$6.5 billion. Saudi Arabia and Brazil are
the other prominent regional markets for hotels in the rest of the
world.
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Global Hotels
Market: Major Players
In spite of the
presence of a huge base of major and small-scale participants in the
global arena, the worldwide hotels market is moderately consolidated
in nature. InterContinental Hotels Group PLC, Starwood Hotels and
Resorts Worldwide, Hilton Worldwide Holdings Inc., Accor Hotels,
Marriott International Inc., Atlantis The Palm Ltd., Indian Hotels
Co. Ltd., Four Seasons Holdings Inc., Jumeirah Group LLC, and ITC
Ltd. are the major participants operating in the hotels market
worldwide.
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