Global Budget Hotels Market Gained Traction in 2015, States GlobalData in Its Report Published at MarketPublishers.com
02 Feb 2017 • by Natalie Aster
LONDON – The worldwide budget hotel market gained traction in 2015 owing to the increased demand for affordable accommodation, with an upsurge in the middle-class population in APAC and Europe. The USA dominated the market for budget hotels, with room capacity of 874,591 as of 2015, with the UK and China following in. Meantime, Malaysia registered the fastest CAGR of 12.2%. With respect to occupancy rate, Asian countries led the way with Hong Kong topping the list, followed by Japan and Singapore.
The branded local budget hotel chains act as the growth drivers of online hotel reservations sales across India. With an online market presence of over 300 million Indians and just 20% of the global hotel inventory accessible online, both novel and entrenched branded budget hotel chains like Treebo and Lemon Tree Hotels are being in search of the chance of bringing best budget hotels to the online platform domestically.
Louver Hotels, Europe’s second-biggest budget hotel, allied with the Chinese financial services corporation UnionPay in 2016 to reach the surging number of Chinese tourists abroad. The tourists are not willing to carry cash on the streets of France on account of fears of uncertainty.
The Thai Petroleum Authority of Thailand (PTT) mulled over pouring money in budget hotels as the industry is set to augment revenues. It strived to establish 50 budget hotels at its 1,400 oil stations by 2021.
In-demand research report “The Global Budget Hotels Market to 2020” created by GlobalData provides detailed information, market data and deep insights on the market. It gives historical and forecast revenue figures for the global market with a focus on the 40 major countries. The study provides a comprehensive analysis of budget hotels' KPIs, region-wise, for the historic and forecast periods. It offers a brief review of the present scenario of the market, as well as keeps track of the key trends and growth opportunities in the leading budget hotels markets.
More in-demand reports by the publisher can be found at GlobalData page.