Each day, we curate a bite-sized round-up of the best industry news from across the world. We search the web for the latest hospitality updates and travel trends, so you don’t have to. Get comfortable with a coffee and tuck in to our daily must-reads.
1. Hospitality industry expected to grow by 9-10%
Rating agency Icra expects the hospitality industry to grow by 9-10% over the next four years, with a strong 10-12% during 2018-19. The growth is said to be due to robust domestic demand and a muted supply pipeline.
2. MICE industry expected to reach US$1.2bn by 2023
The global MICE market is expected to reach US$1.2bn by 2023 from US$752bn in 2016, according to a new report from Allied Market Research. The growth of the market is backed by factors including growth of SMEs, innovation in science and technology, and rise in disposable income.
3. Leading luxury brand LVMH acquires Belmond
LVMH Moët Hennessy Louis Vuitton will soon become a part of the luxury hospitality sector, having recently announced its definitive agreement with Belmond Ltd. to aquire Belmond for US$25.00 per Class A share. Representing an equity value of US$2.6bn, the transaction is expected to complete in the first half of 2019.
4. One-in-three Americans expected to travel this holiday season
AAA has predicted that more than one-third of Americans will travel this holiday season, representing a 4.4% increase over last year and the most recorded since AAA has been tracking holiday travel.
5. Nine out of 10 Irish hoteliers concerned about impact of Brexit
A recent survey has showed that nine out of 10 Irish hoteliers are worried about the impact of Brexit on their business next year. The Irish Hotels Federation has warned that prolonged uncertainty over the divorce from the EU could further erode tourism confidence.
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Nicola Donovan is a travel writer for Click.More by Nicola Donovan
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