Global Hospitality Industry Embraces Technological Advancements for Enhanced Guest Experiences

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Global Hotels Market Poised for Significant Growth

The global hotels market, valued at USD 981.22 billion in 2023, is projected to reach USD 1,816.88 billion by 2030, exhibiting a Compound Annual Growth Rate (CAGR) of 9.2% during the forecast period.

This growth is driven by technological innovations, rising disposable incomes, and an increasing preference for leisure travel. Hotels are leveraging advanced technologies such as Artificial Intelligence (AI), the Internet of Things (IoT), and data analytics to enhance guest experiences and operational efficiency.

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Vietnam: Hospitality Market Opportunities

Vietnam’s hospitality market reached approximately USD 6.19 billion in 2024 and is projected to grow at a CAGR of 12.3% between 2025 and 2034, reaching around USD 17.59 billion by 2034.

In the first half of 2024, international arrivals improved significantly, with 8.8 million visitors, a 58.4% increase year-on-year. South Korea and China were the top source markets.

Thailand: Hospitality Industry Trends

Thailand continues to be a major player in the Southeast Asian hospitality sector, attracting tourists from around the globe. The country’s well-established tourism infrastructure and diverse attractions contribute to its robust hotel industry.

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Japan: Hotel Market Growth

Japan’s hotel industry is experiencing growth, driven by an increase in international tourism and major events. The country’s unique cultural attractions and advanced infrastructure make it a preferred destination for travelers.

South Korea: Hospitality Sector Expansion

South Korea’s hospitality sector is expanding, with a focus on technological integration and personalized guest experiences. The country’s dynamic culture and modern amenities continue to attract a growing number of international visitors.

Singapore: Hotel Industry Developments

Singapore’s hotel industry remains strong, supported by its status as a global business hub and tourist destination. The city-state’s strategic location and world-class facilities contribute to its thriving hospitality sector.

United States: Hotel Market Consolidation

The U.S. hotel market is witnessing consolidation, with significant mergers and acquisitions shaping the industry landscape. Major players are expanding their portfolios to enhance market share and operational efficiency.

China: Hospitality Industry Updation

China’s hospitality industry is undergoing significant updates, focusing on modernizing facilities and enhancing service quality to meet the evolving demands of both domestic and international travelers.

Europe: Hotel Sector Consolidation

Europe’s hotel sector is experiencing a surge in mergers and acquisitions, driven by investors capitalizing on the post-pandemic tourism boom. Notably, Blackstone has invested over €500 million in hotels across southern Europe, including the acquisition of the Grand Hyatt Athens for €235 million.

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Hotels Market Segment Analysis:
by Hotel Type
Business/ Commercial Hotels
Boutique Hotels
Resort Hotels
Casino Hotels
Transit Hotels
Bed & Breakfast Hotels
Others

the market is segmented into Business/ Commercial Hotels, Boutique Hotels, Resort Hotels, Casino Hotels, Transit Hotels, Bed & Breakfast Hotels, and Others. Business/ Commercial Hotels segment is expected to grow rapidly at a CAGR of xx% during the forecast period.

by Price Level
Luxury
Upscale
Midscale
Economy

by Room Capacity
Small
Medium
Large
Mega

by Business Model
Individual
Chain

Hotels Market Key Players are:
1. Accor SA
2. Marriott International
3. Hyatt Hotels Corporation
4. Hilton Worldwide Holdings Inc.
5. InterContinental Hotels Group PLC.
6. Best Western International, Inc.
7. Choice Hotels Internationals, Inc.
8. Wyndham Destinations, Inc.
9. Radisson Hospitality A.B.
10.Indian Hotels Company Limited
11.Oravel Stays Private Limited

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Recent Key Developments

Blackstone’s Southern Europe Investments: Over the past year, Blackstone has invested more than €500 million into hotels in southern European holiday spots, capitalizing on booming post-pandemic tourism. Their latest acquisition includes the Grand Hyatt Athens for €235 million.

Leonardo Hotels’ European Expansion: Leonardo Hotels, owned by the Israeli Fattal Group, has rapidly expanded in Europe, spending €1.5 billion on acquisitions since its launch in 2022. The brand now boasts over 6,000 rooms across 40 properties, including notable hotels in the UK and Ireland.

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