LONDON, March 28, 2017 /PRNewswire/ -- In 2015, the budget hotel market industry grew globally because of an increased demand for affordable accommodations caused by a rise in the middle-class population in Asia-Pacific and Europe, says the GlobalData reports on ReportBuyer.com.
The report highlights 3 key findings:
- Customers' needs vary around the globe
- India hotel chain enter into partnership with Hotel Bids
- Revenue per room expected to grow 9%
Different areas of the world have different hotel needs:
- In Europe, the second largest budget hotel, Louver Hotels, partnered with China's largest bank card provider, Union Pay. This partnership increased the number of French hotels accepting the Chinese Union Pay credit cards and eased Chinese tourists' fear of carrying cash on French streets.
- There has been several investments in budget hotels in Asia (India, Thailand, Philippines) and in Saudi Arabia due to the world's 1.8 billion Muslims completing their pilgrimage in Mecca. This transformed the city into the largest hospitality market in Saudi Arabia as 75% of pilgrims stay in hotels.
Partnership Adds Budget Hotels
- India's third largest hotel chain Treeboo Hotels entered a partnership with HotelBids in February.
- The partnership will increase the number of budget hotels HotelBids offers by 250 and the number of cities in India to more than 100.
Revenue to Grow
- The revenue per room in India is forecasted to grow 9% during fiscal year 2018, according to ICRA.
- Stronger demand as well as free trade and a market favorable to micro markets is fueling growth.
To see the report summary on ReportBuyer's blog click here.
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