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According to the latest report added to the online inventory of Wise Guys Report (WGR) the Global Chain Hotel Market has recorded an unprecedented growth so far and the extrapolated growth indicates further growth by 2024 registering a healthy CAGR.The global hotel chain market is propelled by increase in consumer needs and tourism. A stronger economic backbone has guaranteed more disposable income which in turn has popularized weekend cultures and world travel that was not prevalent even a few decades back. Further fuelled by booming number of low cost airline services and other travel associated service sectors travel has become easy and affordable. These factors have cumulatively boosted the business of hotel chains worldwide drawing more consumers from different walks of life. Market competition is high and hotel service providers have to constantly upgrade themselves for survival according to changing customer preferences and feedback.
According to surveys the inflow of international travellers are increasing steadily every year with a rate of approximately 4% annually. In order to cater to the growing population of consumer most hotel chains are operating in an expansive mode. The global Hotel Chain can be classified as Luxury Hotel Chain and Economy Hotel chain in the simplest of terms. Luxury hotels are enjoying a healthy growth as consumer needs are shifting toward materializing their luxury aspirations. A major constraint for luxury hotels is the premium pricing which restricts the customer base. On the other hand Economy Hotel chains are operating in a fairly steady manner obliging the need of the other set of customers who are looking for best in price stay at affordable rates. The basic amenities are provided and pricing is kept within the limits of the middle income group.
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Segmental Analysis
Segmental analysis of the global chain hotel market is conducted based on the type, leading hotel providers and application.
By Leading Players the major hotel chains functioning globally are Marriott International, Hilton Worldwide, OYO, Radisson Hotel Group, Choice Hotels, Home Inns Group, InterContinental Hotels Group, Jin Jiang International, Wyndham Hotels & Resorts, AccorHotels, China Lodging Group, Best Western Hotels, GreenTree Inns Hotel Management Group, Hyatt Hotels Corporation, Magnuson Hotels and others.
Bifurcation based on type reveals mainly 3 categories namely Economy, Luxury and Upscale. Luxury hotels encompass further categorization as Business hotels, Suites and Resorts.
Finally as per application the global hotel chain market is divided into Urban, Airport, Resort and others. Each of these have their niche consumer base some catering to business needs others to travel needs for tourists.
Regional Analysis
The market landscape of the global hotel chain mainly is mostly concentrated in North America (United States, Canada and Mexico), Asia-Pacific (China, Japan, Korea, India and Southeast Asia), Europe (Germany, France, UK, Russia and Italy), South America (Brazil, Argentina, Colombia), Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa). The study encompasses information about different parameters pertaining to the regional contribution and the anticipated growth during the forecast timeline.
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