Boston, MA -- (SBWIRE) -- 08/18/2014 -- During 2013 hotel sales increased by 10% in current terms and by1% in number of rooms. This was driven by the tax benefits that still apply for building of new hotels and renovating of existent hotels, exemption from rent tax for 30 years and improvement in the economy and better perception of country's security which attracted business and leisure tourism. In spite of the good results, occupancy rates dropped in 2013 because of imbalanced demand and supply and increase in informal accommodation ie those lodging places that are not registered in the Registro Nacional de Turismo (RNT).

Average daily rates saw a moderate increase of 1%, mostly due to the strong competition and despite the increase in VAT for lodging since 1 January 2013 from 10% to 16% which affected profitability.

Industry Prospects:

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It is predicted that over the forecast period number of rooms in hotels will see a CAGR of 5%, which will continue to be driven not only by the tax benefits granted for hotels built or remodelled until 2017, but also by the positive expectations related to the economy and incoming tourism flows. Competition will continue to be strong, with brands like Hoteles Estelar growing and expanding in the country; three new openings are foreseen for the forecast period.

Report Overview:

Discover the latest market trends and uncover sources of future market growth for the Travel Accommodation industry in Colombia 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 Colombia, our research will save you time and money while empowering you to make informed, profitable decisions.

The Travel Accommodation in Colombia 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 Colombia?
- What are the major brands in Colombia?
- 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

Product coverage: Travel Accommodation by Category, Travel Accommodation by Channel.

Data coverage: market sizes (historic and forecasts), company shares, brand shares and distribution data.

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