Lodging in Venezuela - New Study Released

In January 2014, the government announced an 85% devaluation of the domestic currency, which helped to restore some competitiveness to the hotel industry in Venezuela. The room rates for 5-star hotels ranged from US$138 to US$204, while rooms at 4-star hotels cost between US$80 and US$150 per night, depending on the region they were located in. By law, all transactions that involve foreign exchange must be calculated at the official exchange rate, which was fixed during 2014 at BsF11.30 per US dollar. The rates are quoted in domestic currency, fully incorporating all costs and profit for the outlet – including domestic inflation – while the exchange rate remained unchanged over a long period of time causing an overvaluation of the domestic currency. In 2014, the average room rate in bolivares increased by 155%.

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Industry Prospects

The number of hotel outlets is projected to increase at a CAGR of 1% over the forecast period, reaching 1,894 in 2019. Meliá Hotels International has announced plans for the development and operation of five new hotels under its Innside brand. The first two venues are expected to open in 2016 in Punto Fijo and Puerto Ordaz.

Report Overview

Discover the latest market trends and uncover sources of future market growth for the Travel Accommodation industry in Venezuela with research from Euromonitor's team of in-country analysts.

Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.

If you're in the Travel Accommodation industry in Venezuela, our research will save you time and money while empowering you to make informed, profitable decisions.

The Travel Accommodation in Venezuela market research report includes:

* Analysis of key supply-side and demand trends
* Detailed segmentation
* Historic volumes and values, company and brand market shares
* Five year forecasts of market trends and market growth
* Robust and transparent market research methodology, conducted in-country

Our market research reports answer questions such as:

* What is the market size of Travel Accommodation in Venezuela?
* What are the major brands in Venezuela?
* What is the rate of development for chained hotels vs independent hotels?
* How are luxury hotels performing compared to mid-priced and budget hotels?
* Is there an increase in hostels and campsites?

Reasons to Get this Report

* Gain competitive intelligence about market leaders
* Track key industry trends, opportunities and threats
* Inform your marketing, brand, strategy and market development, sales and supply functions

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