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September 2022, Virtual
September 29 2022, Virtual
The number of hotel rooms worldwide has continued to grow despite the global recession.
Hotel analysts MKG Group said the number of rooms had risen by 432,000 - a 2.7% increase - to reach nearly 20 million.
The group said that much of the growth had been fuelled by international hotel chains.
MKG said that growth in the mature markets of Europe and North America was, respectively, 138,000 (2.2%) and 170,000 (3.1%).
Expansion in the Asia-Pacific was smaller with a 98,000 (1.9%) increase.
But two other regions, Latin America (63,600 rooms, a 4.8% increase) and the Middle East and Africa (52,700 - 14.2%) showed substantial growth.
Georges Panayotis, founder and ceo of MKG, said much of the current growth was from projects already underway when the recession kicked in.
But he added: "It is still a positive indication of the commitment, endurance and potential from developers, investors and of course hoteliers.
"It is also no doubt necessary in order to stimulate economic growth, and then, when recovery is well and truly upon us, sustain it."
The MKG report shows that IHG remains the largest hotel group in terms of rooms with 643,787, an increase of 3.9% on 2009.
The Wyndham Hotel Group remains in second place with 597,674, a 0.8% increase on last year while Hilton with an 8% increase leaps into third with 587,813.
"Moderate growth and reduced pipeline developments are anticipated for the coming years however, given the number of cancellations, postponements and of course the difficulties in obtaining financing," Panayotis said.
"As a result, we can expect greater popularity in hotel franchising, widely considered to be the best way to expand internationally."