Hospitality Buildings Global Market Report 2024

The hospitality buildings market size has grown steadily in recent years. It will grow from $76.91 billion in 2023 to $80.29 billion in 2024 at a compound annual growth rate (CAGR) of 4.4%. The increase observed in the historical period can be ascribed to economic growth and travel trends, globalization and international tourism, urbanization and population growth, cultural and lifestyle changes, and the emergence of boutique and niche accommodations.

The hospitality buildings market size is expected to see steady growth in the next few years. It will grow to $95.76 billion in 2028 at a compound annual growth rate (CAGR) of 4.5%. The expansion anticipated in the forecast period can be linked to sustainable and eco-friendly practices, health and safety considerations, crisis resilience, and flexibility, inclusive design for diverse traveler needs, as well as regenerative tourism practices. Major trends projected for the forecast period encompass technology integration for guest experience, technological advancements in guest services, contactless technology integration, wellness-focused amenities, and flexible and adaptive spaces.

The hospitality buildings market is poised for growth, propelled by the exponential expansion of the travel and tourism industry. The travel and tourism sector, providing essential products and services to travelers, enhances the financial performance of hospitality firms. In Q4 2022, hotel real estate fundamentals, according to Coldwell Banker Richard Ellis (CBRE) Group's report, exhibited year-over-year growth, indicating a positive trend in the industry. Additionally, the UK witnessed a significant increase in air travel in 2022, with over 224 million passengers, further contributing to the growth of the hospitality buildings market.

The hospitality buildings market is anticipated to experience growth due to the ongoing adaptation to remote work trends. Remote work, facilitated by digital technologies and communication tools, has led to an increased preference for flexible and comfortable work environments outside traditional office settings. A survey conducted by FlexJobs' Career Pulse in February 2022 revealed that 65% of respondents expressed a strong preference for full-time remote work, indicating a substantial demand for alternative workspaces. This adaptation to remote work trends is expected to drive the growth of the hospitality buildings market.

The Premier market players are channeling their efforts into product innovations, particularly in the realm of new building architecture. To strengthen their market position, major companies are introducing groundbreaking architectural solutions. In January 2023, Volumetric Building Companies, a US-based construction firm specializing in modular housing, unveiled the first modular prototype of a novel hotel architecture. This innovation facilitates the rapid expansion of the Fairfield by Marriott brand throughout Europe, overcoming construction challenges and enhancing overall quality through innovative modular technology.

Premier companies are concentrating on the development of managed hotels, specifically all-women managed hotels, to foster gender diversity and gain a competitive edge. An all-women managed hotel is defined as a lodging establishment where women hold leadership and operational roles across various departments. Westin Hotels & Resorts, a US-based hotel management company, exemplifies this trend with the launch of The Westin Hyderabad Hitec City in June 2023. This all-women managed hotel, with a focus on wellness experiences, operates solely on green energy from renewable sources. It features 168 keys, four dining options, banquet space, and sets a new standard of hospitality with its all-women management team.

In February 2022,Jones Lang LaSalle Incorporated (JLL), a UK-based commercial real estate services company, acquired Gilliland Construction Management for an undisclosed amount. JLL's acquisition of Gilliland addresses a gap in the Southwest, providing specialized project management capabilities. Gilliland Construction Management, a US-based company, offers construction management services for hospitality, industrial, multifamily, and office properties.

Major companies operating in the hospitality buildings market report are Turner Construction Company, AECOM, Balfour Beatty Construction, STO Building Group, The Whiting-Turner Contracting Company, Whiting-Turner Contracting Company, Gilbane Building Company, JE Dunn Construction Group, Hensel Phelps Construction Company, DPR Construction Inc., HITT Contracting Inc., Brasfield & Gorrie LLC, Clark Construction Group LLC, Mortenson Inc., PCL Constructors Inc., McCarthy Holdings Inc., Suffolk Construction Company, The Yates Companies, Gray Construction Inc., Robins & Morton Inc., Sundt Construction Inc., Swinerton, W.E. O'Neil Construction Co., Hoffman Construction Company, Messer Construction Company, Skanska USA Civil Inc., The Beck Group Inc., Pepper Construction Company, Webcor Builders LLC, Layton Construction Company LLC, Clayco Inc., Hoar Construction LLC, Weis Builders Inc.

North America was the largest region in the hospitality buildings market in 2023. The regions covered in the hospitality buildings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the hospitality buildings market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of hospitality buildings encompass business or commercial hotels, boutique hotels, resort hotels, casino hotels, transit hotels, bed and breakfast hotels, and others, with different price levels such as luxury, upscale, midscale, and economy. Business hotels cater predominantly to business travelers, and room capacities vary from small to mega. The main business models are individual and chain.

The hospitality buildings market research report is one of a series of new reports that provides hospitality buildings market statistics, including hospitality buildings industry global market size, regional shares, competitors with a hospitality buildings market share, detailed hospitality buildings market segments, market trends and opportunities, and any further data you may need to thrive in the hospitality buildings industry. This hospitality buildings market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The hospitality buildings market includes revenues earned by entities by constructing hotels, restaurants, tents and convention buildings. The market includes new work, additions, alterations, maintenance, and repairs. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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