The global hospitality industry continues to recover and should grow in 2011, with specific hotspots leading the pack.
Summary: This year, the global hospitality industry should build on the gains made in 2010. Tourism growth is especially strong in the BRIC countries (Brazil, Russia, India and China). Still, the industry remains alert for new government regulations and consolidated accounting standards.
Growth in 2010
Where were the greatest gains for the global lodging sector? According to Smith Travel Research (STR)1, the numbers through November 2010 show:
- 15.2% revenue per available room (RevPAR) growth in the Asia-Pacific
- 11.7% RevPAR growth in the Americas
- 5.5% RevPAR growth in the Middle East and Africa
- 1.6% RevPAR growth in Europe
- 6.3% RevPAR decrease in the United Arab Emirates
Strong gains in the hospitality industry have come from a resurgence of business travel. Over the next five years, these industries will have the largest gains in business travel:
- Utilities
- Food processing and services
- Real estate
- Rubber and plastics manufacturing
- Social/personal services industries
Around the globe, luxury hotels catering to business travelers are rebounding the fastest from the recession. This is especially true in urban markets.
In this report, we share our top thoughts for the sector in 2011 across the following topics:
1 “Global RevPAR, demand return: STR Global,” Smith Travel Research, 9 December 2010.
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