Boston, MA -- (SBWIRE) -- 07/10/2012 -- China has the largest leisure and hospitality buildings (including outdoor leisure facilities) sector among the BRIC countries, followed by India, Russia and Brazil. The refurbishment of existing hotels to meet demand during sporting events such as the 2014 FIFA World Cup and the 2016 Olympic Games is expected to be a key trend in the Brazilian hotel industry. This will avoid an oversupply of hotels, which are already high in number due to the rising popularity of condominium hotels. The Brazilian leisure and hospitality buildings (including outdoor leisure facilities) construction sector grew at a CAGR of 21.17% during the review period, and is projected to grow at a CAGR of 10.59% over the forecast period.
The major forces driving hotel development in Russia include the upcoming international sporting events taking place in the country. The forthcoming 2014 Winter Olympic Games has attracted a number of foreign hotel companies to Sochi, and the country's hosting of the 2018 FIFA World Cup also offers immense opportunities for the construction of hotels. The country currently suffers from a severe undersupply of budget hotels, which has resulted in high room rates compared to the European average.
View Full Report Details and Table of Contents
The growth of the Indian hospitality industry is expected to come from tier-two and tier-three cities. The 45 cities of India with populations of over one million have the most growth potential in the hospitality sector, and major hotel brands are investing in new proprieties in both metro and non-metro cities. Hyderabad, Jaipur, Pune and Chandigarh have emerged as key growth destinations. The growth of tier-two and tier-three cities is driving hotel development activity, which was previously mainly confined to the country's five main cities.
An increasingly competitive market, high property prices, a limited choice of prime locations and high labor costs in tier-one Chinese cities is encouraging investors in hospitality and leisure to expand their presence into tier-two and tier-three cities.
- China has the largest leisure and hospitality buildings (including outdoor leisure facilities) sector among the BRIC countries, followed by India, Russia and Brazil. China was also the fastest-growing sector during the review period, and the country is also projected to have the fastest-growing sector over the forecast period, with a CAGR of 12.1%.
- Inbound tourists in the BRIC countries spend significant amounts on lodging. This trend is particularly seen in Brazil, Russia and India. Of the total tourist expenditure in Brazil in 2011, 32.1% was spent on lodging. In Brazil and Russia, tourists also spent heavily on sightseeing and entertainment.
Companies Mentioned in this Report: PDG Realty, Gafisa SA, Cyrela Brazil Realty, Holding GVA Sawyer, Inteco, AFI Development Russia, Otkrytye Investitsii OAO, DLF Limited, Sobha Developers Ltd, Unitech Limited, Shapoorji Pallonji Co. & Ltd, China Properties Group Ltd, Shanghai Forte Land Co., Ltd, Accor, Keys Hotels, Ginger Hotels, Berggruen Hotels, Taj Group,, Best Western International Inc., Starwood Hotels Resorts, Hyatt, IHG, Carlson Rezidor Hotel Group, Starwood Hotel Corporation
About Fast Market Research
Fast Market Research is an online aggregator and distributor of market research and business information. Representing the world's top research publishers and analysts, we provide quick and easy access to the best competitive intelligence available. Our unbiased, expert staff will help you find the right research to fit your requirements and your budget. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156.
Browse all Construction research reports at Fast Market Research
You may also be interested in these related reports:
- The Future of Construction in BRIC to 2015: Economic Development, Urbanization and FDI Inflow to Spur Construction
- Construction in China - Key Trends and Opportunities to 2016: Affordable Housing and a CNY7.0 Trillion Infrastructure Budget to Propel Growth
- Construction in South Korea - Key Trends and Opportunities to 2016
- Construction in Vietnam - Key Trends and Opportunities to 2016
- Construction in Indonesia - Key Trends and Opportunities to 2016
- Construction in the Czech Republic - Key Trends and Opportunities to 2016
- Construction in the GCC - Key Trends and Opportunities to 2015
- Construction in Russia - Key Trends and Opportunities to 2016: Government Infrastructure Spending to Increase for the 2014 Winter Olympics and 2018 FIFA World Cup
- Construction in Poland - Key Trends and Opportunities to 2015
- Construction in Colombia - Key Trends and Opportunities to 2016