By Ian Neubauer
Global business travel driven by strong performance in developing regions of Asia-Pacific, Central and Eastern Europe and the Middle East is anticipated to facilitate growth in the hotel industry.
The hypothesis was published in a new report by US-based Global Industry Analysts, which said corporate travel is also encouraging the construction of new hotels and the addition of new rooms to existing properties.
“Worldwide, hotels are enhancing investments for improvement of facilities and amenities, a trend that is particularly prevalent in the luxury hotels segment,” the report said. The focus is now on providing customised 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 said.
Entitled Hotel Industry: A Global Outlook, the report relies on market briefs, anecdotes, statistics and research findings to provide an aerial view of the global hotel industry and the dynamics underlying what it describes as an “aspirational needs driven market”.
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