The hospitality industry’s promising numbers

FEBC International report shows that from 2009 to 2017 U.S. hotel gross bookings increased from $116 billion to $185 billion.

According to the latest statistics from FEBC International, the hospitality sector is undergoing unprecedented growth in order to cater to changing consumer desires.

This is reflected in hotel statistics provided by FEBC in a February report. Figures show that from 2009 to 2018 hospitality sector jobs grew from 353,000 to 1,139,000; that from 2009 to 2017 U.S. hotel gross bookings increased from $116 billion to $185 billion; and tourism now employs roughly one in 10 people in the global economy.

What is, perhaps, most interesting is what the report had to say about individual markets.

European cities best positioned for RevPAR growth

Europe has long been one of the world’s most popular travel destinations. This is why as the global hospitality market continues to boom, many of the cities there are solidly positioned for RevPAR (revenue per available room) growth.

Now, the question is which European cities are best positioned for RevPAR growth moving forward?

According to information from FEBC International, Lisbon is at the front of the pack with 3.5% RevPAR growth for 2019. Right behind Lisbon is, perhaps unsurprisingly, Paris with 6.4%, followed by Porto with 5.2% and Frankfurt with 4.3%.

Other cities positioned well include Amsterdam with 3.5%, Prague with 3.4%, Berlin with 2%, and Geneva, London, and Rome, which all have between 1 and 2%.

The future of hospitality

Finally, the report’s last statistic of note (which you can review in detail here) pertains to the future of global hospitality.

According to this statistic, in 2017 millennials each spent around $4,500 on travel, taking an average of 3.5 vacations in that year. This is significant because it essentially means that a new generation has now officially become the most influential consumer in the hospitality market.

As such, it falls to hospitality companies to meet changing demands. This means providing new touches such as environmentally-friendly properties, technological innovations and organic experiences that feel unique to a hotel’s destination.

Let’s take a look at a few other projects currently underway in different parts of the world: