Numerous prominent hotel chains have faced difficulties in increasing their brand value as strongly as they did in the years prior to 2020, and the 2024 ranking indicates that these obstacles persist as the sector bounces back.
Even with an increase in travel and hotel bookings, the actual growth has not met projections, leading to slight decreases or limited brand value expansion for the top hotel brands globally.
Hilton has maintained its position as the world’s most valuable hotel brand for the ninth year in a row, with a brand value of $11.6 billion. Hyatt, coming in second place with a brand value of $6.0 billion, also made it to the 2024 ranking. The latest industry data shows that eight out of the top ten brands in the ranking experienced a decrease in brand value, with over 60% of US brands facing the same trend. This indicates that the industry is facing challenges in fully leveraging brand growth opportunities despite an increase in demand.
However, it should be noted that there are certain brands that are experiencing significant growth. Taj, an Indian brand, has emerged as the second-fastest-growing brand globally, with a remarkable 45% increase in value to reach $545 million. This growth can be attributed to the brand’s impressive revenue growth and enhanced brand strength. In fact, Taj has climbed three spots in the rankings to become the strongest hotel brand worldwide. Taj’s exceptional performance across various brand strength indicators, such as familiarity, consideration, recommendation, and reputation, further highlights its dominant position within India’s hotel industry.
Industry data indicates a significant increase in brand values for Spain’s top hotel brands, pushing them up in this year’s rankings. The new player, Occidental, makes its debut at 42nd place with a brand value of $318 million, while Meliá enters at 43rd place with a value of $312 million, effectively doubling Spain’s representation. NH Hotels, the most valuable hotel brand in Spain, saw an 18% growth to reach $770 million. Barceló, ranked 21st, experienced a 12% increase to $683 million, excelling in key metrics such as consideration, recommendation, reputation, and loyalty despite a slight decrease in its BSI score. These advancements highlight the increasing competitiveness of Spanish hotel brands.
The data has revealed the rankings of the world’s top 25 leisure and tourism (L&T) brands, showcasing their strength and value. These brands collectively hold a brand value of $59.1 billion.
Securing the top three positions are booking.com, Airbnb, and Trip.com Group, all of which have experienced significant growth in brand value. Royal Caribbean has climbed to fourth place with a remarkable 58% increase, reaching a brand value of USD4.1 billion. This achievement makes it the second fastest-growing and second strongest brand in the sector globally. Tokyo Disneyland makes its debut in sixth place, boasting a brand value of USD2.7 billion and emerging as the world’s strongest L&T brand.
