Budget Hotel Market Booming in Hotel Industry
The budget hotel is the lowest category of hotel that offers cheap rooms and meals. The budget hotel offers facilities that must meet basic requirements every day such as room service, telephone, television, air conditioning, mineral water, broadband connection, doctor call, pick up & drop facilities. Some budget hotels have multi-cuisine rooms and mini-bars. Brand Budget hotels are getting involved in the market as they see the demand for Budget Hotel increases, players are investing in establishing brand positions as cheap hotel providers can grow faster than regular travel aggregators. Budget Hotel Market Growing tremendously in travel and tourism industry during the forecast period of 2018–2025.
Top Key Players:
· Red Roof Inn
· Candlewood Suites
· HotelF1
· Ibis Budget Hotels
· Premier Inn
· Travelodge Hotels
· Roots
· Home Inns and Hotels Management
· Holiday Inn Express Hotel
· Econo Lodge Hotels
The Global Budget Hotel Market industry grew in 2015 due to demand for affordable accommodation, with an increase in the middle-class population in Asia-Pacific and European regions. The US ranked first in the Budget Hotels segment with room supply of 874,591 in 2015, followed by the UK and China, while Malaysia was the fastest-growing market at a CAGR of 12.2%. In terms of occupancy rate, Asian countries led from the front with Hong Kong (87% in 2015) at the top, followed by Japan and Singapore. In terms of RevPAR, Hong Kong (US$117.6 in 2015) topped the list, followed by Egypt and the UK.
Global Budget Hotels Market provides the latest information on the present and the future industry trends, allowing the readers to identify the products and services, hence driving the revenue growth and profitability. The research report provides an in-depth study of all the leading factors influencing the market on a global and regional level, including drivers, restraints, threats, challenges, opportunities, and industry-specific trends.
Reasons to purchase this research report:
• It offers a complete analysis of changing market scenario
• It offers better insights into global Budget Hotel market
• Profiling of leading key players, and vendors
• It offers an estimation of market value and market shares
• To get a detailed informative data of global competitors
