Turkey Hotel Market will be US$ 11.6 Billion by 2026 | Renub Research

Posted September 30, 2020 by MarketAnalyst

Turkey Hotel Market is forecasted to be US$ 11.6 Billion by the end of the year 2026. Besides, the country classic sun & sea vacation, apart from that it is also known for its historical, heritage as well as cultural attractions among tourists.

According to the latest report by Renub Research, titled "Turkey Hotel Market & Volume, Budget & Star Rated Hotel ( 1st, 2nd, 3rd, 4th, 5th) Star, City, Province, Chain Hotel (International, Domestic), Company (Hilton, Marriott, Radisson, Accor) & Forecast" Turkey has become a hotspot for tourist looking for leisure activities. Turkey is a combination of natural beauty, along with historical and cultural sites. Turkey has been ranked as the 6th most visited country in the year 2019. The city like Istanbul, which is the cultural and historical capital of Turkey, attracts a huge number of tourist along with Antalya. The number of tourists in Turkey has grown significantly in recent years for other cities in Turkey like Mugla, Izmir, Aydin, Ankara, Mersin, Busra, Afyonkarahisar and Balikesir. This growth is also propelling Turkey Hotel Market due to the availability of a high number of hotels at affordable prices. According to Renub Research analysis, Turkey Hotel Market is forecasted to be US$ 11.6 Billion by the end of the year 2026.

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The initiative of Turkey government to boost tourism through various programs such as the Health Transformation Program started in the year 2003 are boosting Turkey healthcare sector, which results in higher hotel occupancy. Ministry of Tourism has also launched new regulation and strategies to increase revenue from tourism by increasing the number of visitors. Foreign visitors in Turkey have grown significantly from countries like Russia, the United Kingdom, Germany, Iran and Bulgaria.

Impact of COVID-19 on Turkey Hotel Market

COVID-19 pandemic has disturbed most the hospitality industries in the world. Out of these Hotel and Tourism industry are on the verge of breakdown in the year 2020. Hotel market in Turkey has seen sharp decline in the year 2020, but we expect from the year 2021 the market will grow as domestic and foreign tourist will again start coming to hotels as they do in past years.

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Market Summary:

By City:

This research report has covered the number of hotels in following cities of Turkey: Antalya, Istanbul, Mugla, Izmir, Aydin, Ankara, Mersin, Busra, Afyonkarahisar and Balikesir.

By Star Rated:

The market, market share and volume analysis of 1st Star, 2nd Star, 3rd Star, 4th Star and 5th Star are covered in this research report.

By Province:

This research report has covered Market, Volume (No of Hotel, No of Rooms & No of Beds) for the following province: Istanbul, Marmara (East & West), Aegean (Aegean & Mediterranean), Black Sea (West & East), Anatolia (Central Anatolia, Northeast Anatolia, Central-East Anatolia, and Southeast Anatolia.

By Chain Hotels:

This research report has also covered chain hotel in Turkey: Top 10 International Chain Groups, Top 10 Domestic Chain Groups, Top 10 International Brand, Top 9 Domestic Brand and Chain Hotel by Category.

By Company:

Overview, Recent Development and Revenue analysis of Hilton, Marriott, Radisson, and Accor are covered in this research report.

About Company:

Renub Research is a Market Research and Consulting Company. We have more than 10 years of experience especially in international Business-to-Business Researches, Surveys and Consulting. We provide wide range of business research solutions that helps companies in making better business decisions. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses. Our wide clientele comprises of major players in Life Sciences, Information Technology, Telecom, Financial Services (Banking, Insurance), Energy, Retail, Manufacturing, Automotive, and Social sector. Our clients rely on our market analysis and data to make informed knowledgeable decisions. We are regarded as one of the best providers of knowledge. Our pertinent analysis helps consultants, bankers and executives to make informed and correct decisions.

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Categories Business , Home , Tourism
Tags Turkey Hotel Market
Last Updated September 30, 2020