Boston, MA -- (SBWIRE) -- 09/21/2012 -- Among the BRIC countries, Brazil has the largest budget hotel market, followed by China, India and Russia. Brazil's budget hotel market size totaled US$3.1 billion in 2011. Within BRIC countries, Brazil was the fastest-growing market during the review period, recording a CAGR of 20.64%. Brazil is anticipated to remain the fastest-growing market over the forecast period, with a CAGR of 18.65%. In all the BRIC countries, macroeconomic growth is expected to support the growth of the respective budget hotel markets. With robust projected growth in GDP, the BRIC countries are expected to continue their rapid economic growth over the forecast period, with China expected to record the strongest GDP growth at an anticipated forecast-period CAGR of 9.5%, followed by India with an anticipated forecast-period CAGR of 8%.
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- To meet the demands of the 2014 FIFA World Cup and the 2016 Olympic Games, the refurbishment of existing budget hotels is expected to be a key trend in the Brazilian hotel industry.
- The total number of hotels in Russia measured 114,912 in 2011. Midscale hotels comprised 80% of the total number of hotels, and were followed by luxury hotels which accounted for 14.9%. Budget hotels comprised a mere 5.1% of the total number of hotels in the Russian market.
- Budget hotel owners need to obtain multiple licenses in India. There are approximately 100 approvals required when establishing a budget hotel in India, which is almost entirely the same as for establishing a luxury hotel.
- An oversupply of hotels constructed for the 2008 Olympic Games and the 2010 Shanghai World Expo is a key challenge in China, as occupancy rates are declining. Increasing land costs in tier-one cities and a lack of knowledge about tier-two cities could be a challenge for international firms looking to enter the hospitality and leisure industry.
This report provides an extensive analysis of the budget hotel industry in the four BRIC nations: Brazil, Russia, India and China:
- It provides historical and forecast market sizes for the budget hotel industry in each of the BRIC nations
- It offers detailed analysis of the factors driving the growth of the budget hotel industry, and the key emerging trends and drivers in each of the BRIC nations
- It provides profiles of key companies operating in budget hotel industry
Reasons to Get this Report
- Gain in-depth insight into the budget hotel industry in each of the BRIC countries
- Understand the demand and supply-side dynamics within each BRIC budget hotel industry, along with key market trends and growth opportunities
- Take informed decisions and formulate effective marketing strategies based on the report's detailed market insights on the budget hotel industry
Companies Mentioned in this Report: Formula 1 Hotels, Etap Hotel, IBIS Hotel, Holding GVA Sawyer, INTECO, AFI Development Russia, Otkrytye Investitsii OAO, Ginger Hotels, Home Inn, Jinjiang Inn, Green Tree Inns
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