Though the European economy is still trying to recover from its bad financial condition, but there is still one sector that is growing at a regular pace and that is hotel industry. The hotel industry, however, according to the Intercontinental Hotels Group has witnessed remarkable growth in the last two years. According to the records, the industry earned £247.8m in 2010 which increased to 4% growth in the first quarter of 2011. While expenditure is not quite back to pre-downturn (2007) levels, it is in the state where it was at the end of 2008. The hotel industry appears to be on an upward trajectory. The main factors that have contributed in the upward trajectory is high influx of the business travellers which have been contributing to the European hospitality sector. Business trip has grown by 10% in the recent years.
When it comes to hotel industry, Europe is not just the largest but also the most diverse market. From popular hotel chains to independent hotels, the type of hotels varies and therefore, it becomes difficult to analyse the data. With the systematic understanding of hotel supply and demand, is not the reliable source to learn the performance of the industry. The different types of hotel brands of various standards act as the factor to classify hotels. Depending upon the classification, you can choose from deluxe to budgets.
So, with business or corporate executives coming back on job and spending on their stay, there is definitely going to a development of hotels in various categories.