Hotel Industry: A Global Outlook
San Jose, CA (PRWEB) September 3, 2008
Hospitality industry is subject to major changes in line with transformations in the economic and social schemes of the global business scenario. Although the overall growth in the hotel industry is moderate, strong performance is anticipated from developing regions of Asia-Pacific, Eastern and Central Europe, Middle East, Latin America, and Africa. Encouraged by enormous potential of the regions, several hoteliers are focusing on setting up new establishments in the region.
Rising customer expectations are driving the hotel industry to offer innovative products and services that are in line with existing technology-oriented global scenario. Success of hotel industry players is also determined by their ability to foresee and adapt to changing conditions. Technological advancements and growing utilization of the Internet for numerous hotel operations are expected to boost hotel industry revenues. While web-based operations and online advertising have simplified processes, hotels are able to cut costs through elimination of travel agents and third party commissions.
Increasing business travel is anticipated to facilitate growth in the hotel industry, driving up hotel occupancy rates, besides enhancing hoteliers' profitability through increase in average daily rates. Higher demand and insufficient supply scenario have resulted in higher room rates, which however have not deterred corporate sector from paying premium prices. Growing corporate travel is also encouraging the construction of new hotels and addition of new rooms to existing establishments.
Construction of new hotels is expected to gain momentum, as hotel industry seeks to address the rising demand for hotel rooms and services. Majority of these constructions are focused on new, mid-price range of hotels, which offer only accommodation without food and beverage services. Apart from low cost of construction and reduced maintenance expenditure, such hotels are often charged at premium rates. The construction of mid-price range of hotels, without food and beverage services, is particularly prevalent in Asia, which is also emerging as the new destination of tourists and business travelers.
Worldwide, hotels are enhancing investments for improvement of facilities and amenities, a trend that is particularly prevalent in the luxury hotels segment. Rising competition in the industry has compelled players to invest in facilities to lure and retain customers, a strategic shift from earlier focus on providing standardized hotel services. The focus is now on providing customized services to customers, a strategy that is generating enhanced revenues due to consumer willingness to pay premium prices for superior services. Hoteliers are pumping in investments for increasing room sizes, offering additional amenities such as fitness clubs and spas, and facilitating faster communication and booking through online services. Luxury hotels, villas, and exclusive resorts are being constructed at exotic locales, to provide privacy to wealthy clients.
The report titled "Hotel Industry: A Global Outlook" provides a collection of statistical anecdotes, market briefs, and concise summaries of research findings. The report provides an aerial view of the Hotel Industry, and the dynamics underlying this aspirational needs driven market. The report discusses the latest trends prevalent in the international space, the present level of competition, and cursory insights into recent mergers, and acquisitions. The reader also stands to gain a macro level understanding of the scenario prevalent in regional markets. Annotated with tables that enumerate key research findings, and graphs and charts that offer pictorial representations, the regional markets briefly abstracted, and summarized include the US, Canada, France, Germany, UK, Russia, Spain, China, and India. Also included is an indexed, easy-to-refer, fact-finder directory listing the addresses, and contact details of 1,892 companies worldwide.
For more details about this research report, please visit
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world's largest market research publishers. The company employs more than 700 people worldwide and publishes more than 880 full-scale research reports each year. Additionally, the company also offers a range of more than 60,000 smaller research products including company reports, market trend reports and industry reports encompassing all major industries worldwide.
Global Industry Analysts, Inc.
Email press @ StrategyR.com
Web Site http://www.StrategyR.com