The hotel industry in Europe will be worth around 43.9 billion euros by
Bengaluru, Aug. 10, 2022 (GLOBE NEWSWIRE) — Summary of the report
In 2022, major industry leaders saw second-quarter REVPAR above 2019 levels due to a significant improvement in corporate earnings. The momentum should continue throughout the year until next summer and the resumption of major seminars and conventions.
The ongoing war between Russia and Ukraine, high inflation and labor shortages are increasing challenges to consolidate the recovery of the European hospitality industry.
By 2027, France is expected to experience strong growth due to upcoming sporting events and business events in Western Europe which are expected to drive up visits from global travelers and accelerate hotel demand. Events like Men’s Rugby World Cup, Olympic 2024, IFA 2022 – Consumer Electronics Unlimited, etc.
The European hotel market is dominated by the Whitbread group followed by Scandic hotels. The Whitbread Group will continue to perform well in the UK market and plans to expand into Germany in the domestic market. The German pipeline included 78 new hotels in 2022.
- After 2 years of major disruptions linked to the pandemic, hotel activity rebounded strongly in the first half of 2022. This rebound was due to an increase in the number of domestic leisure and business customers and the reopening of borders for tourists. international as well.
- The resumption of leisure travel will be supported by pent-up demand and accumulated savings from the population, although the timing will be heavily influenced by the success of pandemic containment measures, including the roll-out of vaccination.
- The use of AI, big data analytics and IoT in operational improvements for online bookings is expected to drive the growth of the leisure travel market by providing a consistent customer experience.
- The UK, Ireland, Slovakia, Hungary and Denmark saw a significant increase in passenger numbers. Countries with fewer restrictions and more business activity showed a record rebound in the business hospitality segment.
- Destinations close to the border of the Ukraine-Russia conflict saw a sharp decline following Russia’s invasion of Ukraine. This war will have an impact on the tourist industry of the neighboring country, the Czech Republic, in the near future.
- With an occupancy rate of at least 80%, the UK, Poland and Ireland remained the most popular markets in Europe.
Immediate delivery available | Buy this research report @
Market trends and opportunities
- After the invasion of Ukraine, the Russian hotel industry experienced a number of international tourist cancellations and is expected to see a decline in overall hotel revenue. Many international hotels have suspended operations in Russia during an uncertain period and have put new developments on hold for the future.
- Domestic passengers contributed more to the growth of the hotel market in Europe in 2022. Short-haul travel will dominate the market due to factors such as falling cost of travel, uncertainty regarding transportation and fear of new diseases infectious.
- In Greece, local business owners are experiencing an increasing number of tourists from China and Japan in the coming months for destination wedding purposes.
- Western and Southern Europe accounts for the majority market share of European tourism as it caters to international and domestic tourism demands. Across Europe International tourism has seen a strong rebound in 5 months of 2022 with nearly 250 million international arrivals recorded.
- The number of boutique hotels is expected to open by the end of 2022 as demand for themed hotels increases.
- Accor plans to open more than 300 new hotels and resorts in 2022. To complement existing efforts to provide low environmental impact solutions that limit waste and emphasize local sourcing.
- The Best Western Hotels and Resorts group is pleased with the growth of approximately 200 hotels per year in more than 100 key destinations in Europe.
- Budget brand Travelodge will give its UK properties a new look with 60 hotels to be transformed in 2022.
- Wyndham Hotels & Resorts partners with Smy Hotels to develop 20 hotels in Europe over the next 10 years
United States hospitality industry
Hospitality industry in India
Hospitality industry in Japan
Global hospitality industry
- Marriott International
- Choice Hotels International
- Hilton around the world
- G6 Hospitality LLC
- Extended stay in America
- Wyndham Hotels and Resorts
- InterContinental Hotel Group
- Hyatt Hotels Corporation
- best western
We are one of the few market research companies in the world specializing in the area(s) of mobility. Our research area includes automotive, aerospace, marine, locomotives, logistics, construction and agricultural equipment. We handle syndicated research, custom research, and consumer research for all of the areas mentioned above.
We envision the future of mobility every day, following the fields of mobility is not only our job, it is our passion. We are here, just to serve you in the most ideal way and your fulfillment comes first.
For the latest updates, follow us