Global Hotel & Lodging Industry
The global hotel industry is expected to reach almost $480 billion in 2015, according to research from Global Industry Analysts. Industry players are responding to a rise in demand, with plans for many new hotel developments in place.
Demand for hotel rooms is recovering in tandem with recovery in the wider economy following a dip during the recession. US luxury hotels are recording stronger recovery than other market segments. However, despite a fast rate of recovery, luxury hotels have been suffering from comparatively low revenue-per-room and occupancy percentage.
Due to saturation in established markets, industry players have been turning their focus to international markets, with regions boasting fast economic growth providing particularly lucrative prospects. One notable trend in the hospitality industry involves the demand for healthy hotel services, including customized menus in addition to wellness and healing programs.
Establishments in the hotel industry offer short-term lodging. The different types of establishments include hotels, resorts, motor hotels and motels. Apart from lodging, these outfits may also provide other services such as food and beverages, parking, laundry services, recreational services such as gyms and swimming pools, and business-oriented facilities like conference room and convention services.