Impact of changing economy on hotels industry: AHIC
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According to latest analysis and studies, the industry is in recovery and should continue barring any unforeseen events, and performance is expected to remain strong, where consumers are travelling more and longer.
Hoteliers are seeing improved occupancy and rates in major markets, including the Middle East, Africa, Latin America and China, where areas like the Middle East and Latin America are in a good position for growth because of increasing demand, and China is still proving to be one of the world’s fastest growing markets. The Gross Domestic Product (GDP) per capita in China is forecast to more than double between 2010 and 2015, providing the population with greater disposable income to spend on hospitality.
These factors will be discussed and debated at the forthcoming AHIC 2013 set to take place from 5-6 May 2013. The event will also provide a broader outlook of the global hotel industry, as well as the impact of changing world economy and growing population on hospitality.
Yann Caillere, President and COO of Accor said: “The geography of the hospitality industry is changing fast with growth drivers coming from Asia-Pacific, Middle-East, Africa, Latin America, offering many opportunities in terms of expansion. The sector is also facing two major challenges; these are the need for stronger brands with greater client segmentation and the need for powerful distribution systems, on a market with many actors.”
There is a growing optimism among industry veterans and many of them are revitalizing acquisition, and a few development projects. Hotel owners internationally are turning to global brands, where they see the industry set for continuing improvement in hotel industry fundamentals and hotel valuations for at least 5 years – through 2017. This presents a very attractive backdrop for investors, who have already putting their plans in motion.
AHIC 2013 will include key participants such as Carlson Rezidor Hotel Group, IHG, Jumeirah Group, Corinthia Hotels, Hilton Worldwide, IFA Hotel Investments and Marriott International among others.