Global Hospitality Buildings Market Report 2023: Exponential Growth of the Travel and Tourism Industry Fuels the Sector

DUBLIN, June 27, 2023 /PRNewswire/ -- The "Hospitality Buildings Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.

This report provides strategists, marketers and senior management with the critical information they need to assess the market.

The global hospitality buildings market is expected to grow from $73.34 billion in 2022 to $77.34 billion in 2023 at a compound annual growth rate (CAGR) of 5.5%. The hospitality buildings market is expected to reach $90.31 billion in 2027 at a CAGR of 4.0%.

Major players in the hospitality buildings market are AECOM, Suffolk Construction Company, STO Building Group, The Yates Companies, Swinerton, PCL Construction Enterprises, Balfour Beatty Construction, Hensel Phelps Construction Company, Gilbane Building Company, Brasfield & Gorrie LLC, The Whiting-Turner Contracting Company, W.E. O'Neil Construction, McCarthy Holdings Inc., Turner Construction, DPR Construction, and JE Dunn Construction Group.

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Hospitality buildings refer to an architecture that deals with the construction of structures and buildings like hotels and restaurants. They are created with the goal of giving each visitor a satisfying experience while they are at the hotel or restaurant.

The main types of hospitality buildings are business or commercial hotels, boutique hotels, resort hotels, casino hotels, transit hotels, bed and breakfast hotels, and others, with various price levels such as luxury, upscale, midscale, and economy. A business hotel is an establishment where the majority of the clientele travels for business. Several types of room capacity included are small, medium, large, and mega. Individual and chain are the main business models.

Product innovations are a key trend gaining popularity in the hospitality buildings market. Major market players are concentrating their efforts on innovating new building architecture to strengthen their position in the market.

For instance, in January 2023, Volumetric Building Companies, a US-based construction firm specializing in modular housing, launched the first modular prototype of a new hotel architecture that will let the Fairfield by Marriott brand (a hotel brand) spread faster throughout Europe. The application of innovative modular technology will assist developers in overcoming some of their difficulties by accelerating construction, improving acoustics with reduced noise transfer between modules, and improving quality.

North America was the largest region in the hospitality buildings market in 2022. The regions covered in the hospitality buildings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the hospitality buildings market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The exponential growth of the travel and tourism industry is expected to propel the growth of the hospitality buildings market going forward. The travel and tourism industry refers to an industry involved in providing necessary products and services to travellers. Growth in tourism can foster business, increase sales, and enhance profits for businesses, enhancing the financial performance of hospitality firms.

Hospitality buildings play a major role in the travel and tourism industry as they are business establishments that serve meals, short-term lodging, and other services to visitors like tourists and travellers. Thus, the rise in travellers and tourists will propel the construction of hospitality buildings. For instance, in February 2023, according to the Coldwell Banker Richard Ellis (CBRE) Group's report, a US-based commercial real estate services and investment firm, In Q4 2022, all aspects of hotel real estate fundamentals saw year-over-year growth.

Demand went up by 3.6%, occupancy went up by 3.6%, revenue per available room (RevPAR) went up by 16.2%, and the average daily rate (ADR) went up by 12.1%. Total daily airplane passengers in the United States have already surpassed numbers from 2019. The rise in corporate (GDS) and group reservations of 30% and 18%, respectively, drove the growth in overall bookings, which grew by about 4% compared to the prior year. Therefore, the increased exponential growth of the travel and tourism industry is driving the growth of the hospitality buildings market.

The hospitality buildings market includes revenues earned by entities by constructing hotels, restaurants, tents and convention buildings. The market includes new work, additions, alterations, maintenance, and repairs. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Key Topics Covered:

1. Executive Summary

2. Hospitality Buildings Market Characteristics

3. Hospitality Buildings Market Trends And Strategies

4. Hospitality Buildings Market - Macro Economic Scenario
4.1. COVID-19 Impact On Hospitality Buildings Market
4.2. Ukraine-Russia War Impact On Hospitality Buildings Market
4.3. Impact Of High Inflation On Hospitality Buildings Market

5. Hospitality Buildings Market Size And Growth
5.1. Global Hospitality Buildings Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Hospitality Buildings Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market

6. Hospitality Buildings Market Segmentation
6.1. Global Hospitality Buildings Market, Segmentation By Hotel Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Business Or Commercial Hotels
• Boutique Hotels
• Resort Hotels
• Casino Hotels
• Transit Hotels
• Bed And Breakfast Hotels
• Other Types

6.2. Global Hospitality Buildings Market, Segmentation By Price Level, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Luxury
• Upscale
• Midscale
• Economy

6.3. Global Hospitality Buildings Market, Segmentation By Room Capacity, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Small
• Medium
• Large
• Mega

6.4. Global Hospitality Buildings Market, Segmentation By Business Model, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Individual
• Chain

7. Hospitality Buildings Market Regional And Country Analysis
7.1. Global Hospitality Buildings Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Hospitality Buildings Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

For more information about this report visit https://www.researchandmarkets.com/r/km5qfw

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