Global hotel industry - additional information
The global hotel industry comes under the umbrella of the travel and tourism industry, an industry which contributed 8.27 trillion U.S. dollars to the global economy in 2017. Travelers who are on the road for more than a day need a place to sleep and rest - there are various types of lodging across the world to accommodate for this.
The global occupancy rate (the share of total rooms available which are occupied or rented at a given time) of hotels in most regions increased over the previous five years. Europe had the highest occupancy rate in 2016 at 70.4 percent, closely followed by the Asia Pacific region at 69 percent. In the same year, the Middle East and Africa were the most expensive region for hotels with an average daily rate of 149.02 U.S. dollars. The cheapest region for the last two years was Asia Pacific.