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Hotel Franchise Market Trends

Report ID: GMI8027
Published Date: Feb 2024
Report Format: PDF

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Hotel Franchise Market Trends

The escalating technology adoption for streamlining operations, enhancing guest experiences, and optimizing bookings is another emerging trend driving the market growth. Franchise hotels are increasingly deploying contactless check-in and check-out processes to allow guests to use mobile apps for keyless entry and transactions. The integration of smart room technology is urging guests to control various aspects of their room, such as lighting, temperature, and entertainment, through mobile apps and in-room devices.

The influx of AI-powered chatbots and virtual assistants is also automating customer service in handling inquiries, providing information about the hotel, and assisting with bookings. To cite an instance, in April 2023, Hilton deployed a new cloud-based hotel technology platform, Property Engagement Platform (PEP) for streamlining operations and addressing guest and team member needs.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of hotel franchise reached USD 36.7 billion in 2023 and is set to expand at 7.5% CAGR from 2024 to 2032, due to the rise in demand for unique and localized experiences, along with expansion & diversification of luxury hotel offerings.

In 2023, the extended stay segment accounted for a market share of around 45% and is projected to grow by 2032 due to growing suitability for professionals, such as consultants, contractors, and project-based workers.

North America market held a revenue share of over 35% in 2023, led by the growing penchant for alternative accommodation models, extended-stay options in the region.

Hilton, Hyatt, IHG, Marriott, Radisson, Red Roof Inn, Richmond, and Wyndham among others are main industry players.