The hotel industry is the most affected sector due to the worldwide covid-19 emergency. Brand Finance, one of the popular brand analytics firms, has released the list of the top 50 hotel brands in the world. Overall, the hotel industry saw a 33% decline in its value to $47.4 billion in 2021. Last year, the industry was valued at around $70.2 billion. Hilton continues the first rank among the top hotel brands globally, as per the Brand Finance study.
Hilton is the Strongest Hotel Brand Globally
Hilton has continued its legacy to be the number one global hotel brand despite a decline in its brand value. As per the Brand Finance report, Hilton recorded a 30% drop in its brand value to $7.6 billion.
Despite the downfall in its revenue, Hilton is not leaving any stone unturned to grow further. In a recent announcement, it has revealed that 17,400 new rooms are going to add to make a total tally of 400,000 new rooms planned. The growth plan has an 8% surge compared to last year. Other seven brands that are subsidiaries of Hilton are also found their positions in the latest list. Overall, Hilton’s portfolio has a brand value of over $13.8 billion.
Talking about the recent hotel trends and the final result, Savio D’Souza, valuation director, Brand Finance said:
“The hotels’ sector completely ground to a halt over the previous year; the repercussions of which are demonstrated by the sharp brand value declines for almost all of the top 50 most valuable hotel brands.“
He further added:
“The sector is a resilient one, however. As the world begins to open back up again, we are already witnessing a strong improvement in bookings and occupancy levels across the board, showcasing the strength of brands despite the turmoil of the last year.”
Other Key Facts about Hotel Brand Study
Marriott saw the biggest decline in its brand value. Last year, the brand was ranked second but now it is ranked fifth with a 60% decline to $2.4 billion.
Hyatt is one of two listed brands that has shown growth during the pandemic year. As per the data, it grew by 4% to $4.7 billion. During last year, it has shown exponential growth in its infrastructure by opening 72 hotels and entering 27 new markets. In the coming years, it has plans to grow hotel room capacity by 40%.
Brand Finance study has declared Taj as the strongest global hotel brand based on factors such as marketing investment, customer familiarity, staff satisfaction, and corporate reputation. Taj received a brand strength index (BSI) score of 89.3 out of 100 and a corresponding AAA brand strength rating.
On the other hand, Booking.com has surpassed Airbnb and Trip.com to become the most valuable leisure & tourism brand globally.
