Hotel

The hotel industry has experienced tremendous growth and has emerged as a global industry. During the expansion processes and rise of competition, multinational, multi-brand corporations, such as Hilton Hotels Corporation, were in the process of finding new markets and setting priorities. The global luxury travel market recorded strong growth during the past five years. One of the key drivers of this growth was the increasing number of high net worth individuals (HNWIs) globally, primarily in the BRIC countries. This growth in global luxury travel is expected to continue over the next five years. Luxury hotel companies around the world are expected to focus on achieving operational efficiency, reducing spending on customer services that offer little value, developing the use of mobile technology, and targeting high-value customers. Luxury hotel companies are increasingly using mobile technology to enhance value and transforming how they interact with customers. Leading luxury hotel brands had mobile websites and offered mobile applications. Most leading global luxury hotel chains are based in the US, and the country is also the largest source market in the global luxury hospitality sector. Cities in the US are among the leading, and fastest-growing tourism destinations. In Western Europe, the luxury hospitality segment achieved growth of 9%. The European region experienced an overall increase in RevPAR and ADR, although the occupancy rate is expected to remain largely unchanged.