The hotel industry is gradually returning to normal as pre-pandemic travel patterns resume, although more than half of the top 50 hotel brands have yet to reach their pre-pandemic values. According to a report by Brand Finance, 27 out of 50 hotel brands (54 per cent) remain below their pre-pandemic values.
Hilton has maintained its position as the most valuable hotel brand in the world, with a brand value of US$11.7 billion, a 2 per cent decrease from the previous year. Despite the slight slowdown in growth momentum, Hilton's brand value remains higher than its pre-pandemic level and is almost double that of its closest competitor, Hyatt, whose brand value increased by 3 per cent to US$6.1 billion.
Le Méridien has emerged as the fastest-growing hotel brand, entering the top 50 ranking with a brand value increase of 375 per cent to US$669.4 million. The brand has expanded its presence worldwide, opening new hotels in strategic locations such as Melbourne and New York City.
The top 10 fastest-growing hotel brands in 2023 are:
- Le Méridien
- Autograph Collection
- Kimpton Hotels & Restaurants
- Barceló Group
- Sheraton
- Conrad Hotels & Resorts
- Renaissance Hotels
- Curio Collection by Hilton
- Marriott
- Home2 Suites by Hilton
Conrad Hotels and Resorts has seen a significant leap in brand strength, ranking as the world's strongest hotel brand with an AAA+ rating. Its brand value increased by 65 per cent to US$537.82 million, thanks to global expansion efforts and a focus on luxury and personalized service.
In terms of sustainability, Hilton leads with the highest Sustainability Perceptions Value (SPV) of US$565 million. Hilton has committed to sustainability through its ESG program, Travel with Purpose, and aims to reduce emissions intensity in its hotels by 2030. Taj, an India-based hotels group, earned the highest Sustainability Perceptions Score of 5.04 out of 10 by implementing sustainability initiatives such as eliminating single-use plastics and installing electric vehicle charging stations.
The full Brand Finance Hotels 50 2023 report can be accessed here: Brand Finance Hotels 50 2023.
