Summary: The global luxury hotels market registered strong growth in 2014, thanks to the expanding travel and tourism sector, rise in ultra-high-net-worth individuals (grew by more than 5,000 in 2014) and the growing preference of travelers for luxury.

In 2014, the Americas retained the top position as the largest market for luxury hotels closely trailed by Asia-Pacific. About 5,200 new high-end hotels are expected to open in 2015.

The global luxury hotels market to 2019.

Key Findings

The US is the leader in the luxury hotels market in terms of both revenues (US$46.6 billion in 2014 equivalent to 27% share) and number of rooms available (303,320). Japan topped the list in terms of occupancy rate (90.9% in 2014) while Hong Kong recorded the highest average (room) revenue per available room (RevPAR) with a value of US$354 in 2014. Mexico recorded the highest number of guests in 2014 (29.2 million) while the UK recorded the fastest growth during the historic period (2010-2014). France was the fastest growing market in terms of rooms available and revenues. Belgium was the fastest growing market during the historic period in terms of RevPAR

Luxury hotels in New York are going a step ahead to please guests. Several hotels are partnering with leading retailers in the city to provide insider shopping experiences for their guests. For instance, The Mark hotel collaborated with Bergdorf Goodman. Other examples include The Quin in Midtown, WestHouse in Midtown, and The St. Regis Washington, D.C

Shanghai is a leading MICE destination in China, backed by infrastructure and the presence of historical and cultural attractions. At present, luxury hotels in the city generate 13% of their revenues from MICE events. With Chinese economic growth slowing, there has been a decrease in demand from financial institutions. However, this negative impact is leveled by the rise in demand from automotive, pharma, and luxury retail brands. Key international markets for MICE include the USA, South Korea, Japan, Germany,France, and the UK

2015 was a bad year for Paris, one of the key markets for luxury hotels globally. The terrorist attacks in January and November scared foreign tourists. The latest attack in particular is expected to show substantial negative impact as December is a prime season for holiday for many people globally

 

The global budget hotels market to 2019.

Summary: The global budget hotels market registered moderate growth in 2014, based on the Canadean analysis of 40 countries around the world.

The expanding domestic and international tourism market, along with a rise in travelers that prefer to pay less for accommodation and avoid as many frills as possible, will continue to support the growth over the forecast period (2015-2019).

Key Findings

The US is the largest market in the world for budget hotels in terms of room supply (867,695 rooms in 2014) and the UK is the second largest but is significantly smaller (just 35% of the US' total size). The US also tops the list in terms of revenues and again the UK is ranked second, though with a relatively smaller difference compared to the room supply difference. This clearly implies that the US market is saturated and registers low occupancy rates (57% in 2014). The UK recorded the fourth highest occupancy rate in 2014 while Hong Kong topped the list (92% in 2014).

Japan recorded the highest number of guests in 2014 and Indonesia was the fastest growing market, at an average annual rate of 15.6% during the historic period (2010-2014). Hong Kong registered the highest RevPAR in 2014 (US$90), while Mexico recorded the fastest-growth (CAGR 11.6%). China registered the fastest-growth in terms of revenues during the historic period (15.2%). Portugalrecorded the fastest-growth in terms of room supply (CAGR 11%).

In the UK, a new kind of budget hotel is emerging with as few frills as possible, to attract budget travelers. Examples include easyHotel, Snoozebox, and Premier Inn's "Hub". 
Both Hub and easyHotel offer rooms (significantly smaller when compared to standard rooms) without windows. Snoozebox offers temporary accommodation (portable hotels) at sports and festivals events.

There is a lack of budget accommodation in the UAE as the country increasingly welcomes a diverse set of tourists every year. The growing numbers of middle class travelers from the emerging economies of Africa and Asia will support the growth of budget hotels inDubai in the coming years.

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