2012-09-05 15:18:12 - BRIC budget hotel market driven by upcoming sporting events
In all the BRIC (Brazil, Russia, India and China) 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 through to 2016.Brazil has the largest budget hotel market, followed by China, India and Russia. Brazil´s budget hotel market size totalled US$3.1 billion in 2011. Between 2007 and 2011, Brazil was the fastest-growing market, recording a CAGR of 20.64%. Brazil is anticipated to remain the fastest-growing through to 2016, with a CAGR of 18.65%.Brazil looks set to become the fastest growing market due to its hosting of the 2014 FIFA World Cup and the 2016 Olympic Games, which will
see the refurbishment of existing budget hotels becomee 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.The major forces driving hotel development in Russia include the upcoming international sporting events taking place in the country. The forthcoming 2014 Winter Olympic Games has attracted a number of foreign hotel companies to Sochi, and the country´s hosting of the 2018 FIFA World Cup also offers immense opportunities for the construction of hotels. For more information on the BRIC budget hotel market, see the latest research: BRIC Budget Hotel Market ReportFollow us on Twitter @CandMResearch
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