The hotel and other travel
accommodation industry provides short-term accommodation, meals and other guest
services for travellers and tourists. Establishments in this industry may include
hotels, other travel accommodations, resort hotels and others.
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The reason for the hotel and
other travel accommodation market being valued at $855 billion in 2017 is the
increasing use of social media and access to mass media, making people aware of
the tourist destinations and recreational experiences. North America was the
largest region in 2017, accounting for nearly two-fifth of the market share.
The hotel and other travel
accommodation market in The Business Research Company’s report can be
classified into four segments. Hotel and motel was the largest segment with
nearly three-fourth share of the market. Casino hotels was the second largest
segment with nearly one-fourth share of the market. All other traveller
accommodation and bed and breakfast accommodation were the smallest segments,
covering the remaining 2% share of the market.
The USA was the largest country
in the hotel and other travel accommodation market in 2017, accounting for
nearly 30% of the market share. This was due to increase in business travel and
vacation travel in the country. The USA was followed by China and India as the
next largest countries in the market.
The top five competitors of the
market are Marriott International, Hilton Worldwide, Wyndham Worldwide
Corporation, Hyatt Hotels Corporation and Four Seasons Hotels & Resorts.
Marriott International was the biggest player in 2017. The company is engages in the operation
and franchises of more than 5700 properties in more than 110 countries that
include hotels, corporate housing properties and timeshare properties under
numerous brand names such as The Ritz-Carlton, JW
Marriott, Marriott Hotels, and many more. The company is headquartered in
Bethesda, Maryland.
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