The Hospitality Buildings Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Hospitality Buildings Global Market Report 2024, The hospitality buildings market size has grown steadily in recent years. It will grow from $76.91 billion in 2023 to $80.29 billion in 2024 at a compound annual growth rate (CAGR) of 4.4%. The growth in the historic period can be attributed to economic growth and travel trends, globalization and international tourism, urbanization and population growth, cultural and lifestyle changes, emergence of boutique and niche accommodations.
The hospitality buildings market size is expected to see steady growth in the next few years. It will grow to $95.76 billion in 2028 at a compound annual growth rate (CAGR) of 4.5%. The growth in the forecast period can be attributed to sustainable and eco-friendly practices, health and safety considerations, crisis resilience and flexibility, inclusive design for diverse traveler needs, regenerative tourism practices. Major trends in the forecast period include technology integration for guest experience, technological advancements in guest services, contactless technology integration, wellness-focused amenities, flexible and adaptive spaces.
The exponential growth of the travel and tourism industry is expected to propel the growth of the hospitality buildings market going forward. The travel and tourism industry refers to an industry involved in providing necessary products and services to travelers. Growth in tourism can foster business, increase sales, and enhance profits for businesses, enhancing the financial performance of hospitality firms. Hospitality buildings play a major role in the travel and tourism industry as they are business establishments that serve meals, short-term lodging, and other services to visitors like tourists and travelers. Thus, the rise in travelers and tourists will propel the construction of hospitality buildings. For instance, in February 2023, according to the Coldwell Banker Richard Ellis (CBRE) Group’s report, a US-based commercial real estate services and investment firm, In Q4 2022, all aspects of hotel real estate fundamentals saw year-over-year growth. Demand went up by 3.6%, occupancy went up by 3.6%, revenue per available room (RevPAR) went up by 16.2%, and the average daily rate (ADR) went up by 12.1%. Furthermore, in March 2023, according to the Civil Aviation Authority, a UK-based statutory authority, the UK air travel increased significantly in 2022, with over 224 million passengers travelling to and from UK airports. The figure is a considerable increase on 2021, which saw 65.4 million passengers travel through airport. The rise in corporate (GDS) and group reservations of 30% and 18%, respectively, drove the growth in overall bookings, which grew by about 4% compared to the prior year. Therefore, the increased exponential growth of the travel and tourism industry is driving the growth of the hospitality buildings market.
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The hospitality buildings market covered in this report is segmented –
1) By Hotel Type: Business Or Commercial Hotels, Boutique Hotels, Resort Hotels, Casino Hotels, Transit Hotels, Bed And Breakfast Hotels, Other Types
2) By Price Level: Luxury, Upscale, Midscale, Economy
3) By Room Capacity: Small, Medium, Large, Mega
4) By Business Model: Individual, Chain
Major companies in the hospitality building market are focused on developing managed hotels, such as all-women managed hotels, to promote gender diversity and to gain a competitive edge in the market. An all-women managed hotel is a lodging establishment where women hold leadership and operational roles across various departments. For instance, in June 2023, Westin Hotels & Resorts, a US-based hotel management company, launched The Westin Hyderabad Hitec City, an all-women managed hotel. The hotel offers 168 keys and focuses on wellness experiences. The property operates solely on green energy from renewable sources. The hotel features four dining options, and banquet space, and aims to set a new standard of hospitality with its all-women management team.
The hospitality buildings market report table of contents includes:
1. Executive Summary
2.Hospitality Buildings Market Characteristics
3.Hospitality Buildings Market Trends And Strategies
4.Hospitality Buildings Market analysis
5.Hospitality Buildings Market Size And Growth
6. Hospitality Buildings Segmentation
7.Hospitality Buildings Regional And Country Analysis
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27. Hospitality Buildings Competitive Landscape And Company Profiles
28. Hospitality Buildings Key Mergers And Acquisitions
29.Hospitality Buildings Future Outlook and Potential Analysis
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