(Entertainment-NewsWire.com, July 02, 2018 ) 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.
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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