Despite the stiff competition with rental sites like Airbnb and HomeAways, the hotel industry is predicted to grow and reach $550 billion by 2016, an increase of $100 billion in revenue since 2011. Europe and Asia Pacific remains to be the main regions that contribute the most growth in the hotel industry globally.
Hospitality Net reports that predictions made five years ago on the growth of the hotel industry is indeed true. Europe and Asia Pacific countries remain to be the top two regions that bring the most revenue in the hotel industry globally. Meanwhile, hotels in the Middle East and Africa remain to be the most expensive with a rate of $165.97 daily.
Personalized hotel guest services will remain the trend for 2016. An increase in the use of mobile devices in accessing and booking reservations will also be evident.
Millenials are also predicted to travel more and will remain as the dominant consumer group of the hotel industry by 2016. Business travels in the US are also expected to rise by 2016 and 2017. Mobile service used for an even more personalized hotel service will be showcased in the upcoming year as well.
Although the hotel industry is being challenged by rental sites like Airbnb and HomeAways, Travel Market Report still sees the industry getting strong in 2016. Legal hotel brands will be recreating themselves to keep up with the competition as more Millenials are driven less by brand loyalty but rather with the brand's novelty. New experiences and amenities to help access the greater piece of the market will be imminent by 2016.
Mobility, easy access, convenience, one-of-a-kind experiences and new amenities are just some of the few exciting developments to look forward to as the hotel industry enters the year 2016.