Hotel is an establishment that essentially provides lodging along with other facilities involving guest room, meals and other related services. Hotels have many variations such as inns, motels, beds & breakfast (bnb), lodges, vacation houses, hostels, rental apartments, etc. The lodges provide affordable temporary accommodation to travellers & tourists, and they generally do not provide other services such as room services, meals and restaurants.
Broadly, on the basis of types, hotels can be can be segmented into 1star, 2 star, 3 star, 4 star, 5 star and unrated. Of these categories, 3 star hotels controls the largest market share whereas unrated hotel is the fastest growing segment due to increasing demand for budgeted hotels.
Hotels and lodging sector is highly competitive with various small and large players operating in the market. Presently, key market players are focusing on enhancing consumer experience by service differentiation to retain consumer loyalty. Changing lifestyle needs, surge in disposable income and boom in travel & hospitality industry are the major market drivers; however, political instability in some developing nations is the major deterrent.
The industry is currently witnessing emergence of various home-rental platforms such as Airbnb. These home-rental platforms provide various accommodation options to the travellers and they are expected to adversely impact the growth of independent & chain hotels.
Industry is currently witnessing adoption of special lodging concept to cater to increasing consumer demand for experience-based lodging. In contrast to traditionally implemented models, this concept offers members-only facilities aiming to produce local & creative experiences with the focus on providing social interactions for like-minded people. This involves facilities such as F&B outlets, event & meeting spaces, spas, pools, pubs & nightclubs and other boutique facilities as well.
The lodging companies are adopting Opco/Propco structures wherein they are separating their operations and property ownership by creating separate entities. This structure will enable companies to focus on one core business, whether it be operating or owning lodging facilities.
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