Industry Statistics and Rankings
How does this industry perform in Cyprus compared to Europe?
Country Benchmarking
Industry Data Cyprus
Ranking are out of 37 European countries for which IBISWorld provides country-level factsheets.
Revenue
#24 In EuropeBusiness
#32 In EuropeEmployees
#22 In EuropeWages
#20 In EuropeHotels and short-term accommodation providers in Europe enjoy strong demand due to the continent’s well-developed tourism sector and significant number of holiday destinations that cater to various consumer needs. European residents often holiday domestically or go on trips to other European countries due to how quick and easy it is to travel to them. Rising domestic and international tourism fuelled accommodation demand prior to the COVID-19 outbreak, but travel restrictions then decimated revenue. Revenue is slated to contract at a compound annual rate of 9.5% over the five years through 2024 to €187.9 billion, including an expected 3.2% drop in 2024.
Enterprises
Number of businesses in 2024
Biggest companies in the Hotels & Holiday Accommodation in Cyprus
| Company | Market Share (%)
2024 | Revenue (€m)
2024 | Profit (€m)
2024 | Profit Margin (%)
2024 |
|---|---|---|---|---|
InterContinental Hotels Group plc | 2,133.8 | 680.1 | 31.9 |
Access statistics and analysis on all 1 companies with purchase. View purchase options.
Top Questions Answered in this Report
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Hotels & Holiday Accommodation industry in Cyprus in 2024?
The market size of the Hotels & Holiday Accommodation industry in Cyprus is €1.2bn in 2024.
How many businesses are there in the Hotels & Holiday Accommodation in Cyprus industry in 2024?
There are 706 businesses in the Hotels & Holiday Accommodation industry in Cyprus, which has grown at a CAGR of 1.8 % between 2019 and 2024.
Has the Hotels & Holiday Accommodation industry in Cyprus grown or declined over the past 5 years?
The market size of the Hotels & Holiday Accommodation industry in Cyprus has been declining at a CAGR of 4.2 % between 2019 and 2024.
What is the forecast growth of the Hotels & Holiday Accommodation industry in Cyprus over the next 5 years?
Over the next five years, the Hotels & Holiday Accommodation industry in Cyprus is expected to grow.
What are the biggest companies in the Hotels & Holiday Accommodation market in Cyprus?
The biggest company operating in the Hotels & Holiday Accommodation market in Cyprus is InterContinental Hotels Group plc
What does the Hotels & Holiday Accommodation in Cyprus include?
Economy hotels and Midscale hotels are part of the Hotels & Holiday Accommodation industry.
Which companies have the highest market share in the Hotels & Holiday Accommodation in Cyprus?
The company holding the most market share in Cyprus is InterContinental Hotels Group plc.
How competitive is the Hotels & Holiday Accommodation industry in Cyprus?
The level of competition is moderate and increasing in the Hotels & Holiday Accommodation industry in Cyprus.
Related Industries
This industry is covered in 37 countries
Domestic industries
Competitors
- Caravan & Camping Sites in Cyprus
- Restaurants & Takeaways in Cyprus
- Pubs, Bars & Coffee shops in Cyprus
Complementors
- Passenger Air Transport in Cyprus
- Travel Agencies in Cyprus
Table of Contents
About this industry
Industry definition
provide daily cleaning, bed-making and other extras, including laundry, parking and food and drink services. The industry also includes short-term holiday accommodation (e.g. holiday villages, vacation homes, hostels and cottages), which provide minimal complementary services, if any. It doesn’t include serviced apartments or apartments for more permanent use. Campgrounds and caravan parks are also excluded.
Related Terms
REVPARAIRBNBHOSTELHOLIDAY VILLAGEONLINE TRAVEL AGENT (OTA)STAYCATIONWhat's included in this industry?
Economy hotelsMidscale hotelsUpscale hotelsLuxury hotelsVacation homes and apartmentsHoliday villagesHostels, cottages and guesthousesCompanies
InterContinental Hotels Group plcIndustry Code
551 - Short term accommodation activities in Cyprus
View up to 1 companies with purchase. View purchase options.
Performance
Revenue Highlights
Trends
- Revenue
- 2024 Revenue CAGR
- Revenue Volatility
Employment Highlights
Trends
- Employees
- Employees per Business
- Revenue per Employee
Business Highlights
Trends
- Businesses
- Employees per Business
- Revenue per Business
Profit Highlights
Trends
- Total Profit
- Profit Margin
- Profit per Business
Current Performance
Charts
- Revenue
- Employees
- Business
- Profit
Analysis
What's driving current industry performance in the Hotels & Holiday Accommodation in Cyprus industry?
Outlook
Analysis
What's driving the Hotels & Holiday Accommodation in Cyprus industry outlook?
Volatility
Analysis
What influences volatility in the Hotels & Holiday Accommodation in Cyprus industry?
Charts
- Industry Volatility vs. Revenue Growth Matrix
Life Cycle
Analysis
What determines the industry life cycle stage in the Hotels & Holiday Accommodation in Cyprus industry?
Charts
- Industry Life Cycle Matrix
Products and Markets
Highlights
Trends
- Largest Market
- Product Innovation
Key Takeaways
Increasingly value-conscious consumers support economy hotels. Low consumer confidence and tightening purse strings are boosting demand for budget hotels and other low-cost short-term holiday accommodation like hostels and vacation homes.
Products and Services
Charts
- Products and Services Segmentation
Analysis
How are the Hotels & Holiday Accommodation in Cyprus industry's products and services performing?
Analysis
What are innovations in the Hotels & Holiday Accommodation in Cyprus industry's products and services?
Major Markets
Charts
- Major Market Segmentation
Analysis
What influences demand in the Hotels & Holiday Accommodation in Cyprus industry?
International Trade
Highlights
- Total Imports into Cyprus
- Total Exports into Cyprus
Heat maps
- Industry Concentration of Imports by Country
- Industry Concentration of Exports by Country
Data Tables
Value and annual change (%) included
- Number of Imports and Exports by European Country (2024)
Competitive Forces
Highlights
Trends
- Concentration
- Competition
- Barriers to Entry
- Substitutes
- Buyer Power
- Supplier Power
Key Takeaways
Branded chains expand at the expense of independent businesses. Larger hotel companies, like Accor, Marriot and Hilton, boast significant brand recognition, which helps to attract guests and drive up their market share.
Supply Chain
Charts
Buyer and supply industries
Geographic Breakdown
Business Locations
Heat maps
- Share of Total Industry Establishments by Region (2024)
Data Tables
- Number of Establishments by Region (2024)
Charts
- Share of Establishments vs. Population of Each Region
Analysis
What regions are businesses in the Hotels & Holiday Accommodation in Cyprus located?
Companies
Data Tables
Top 1 companies by market share:
- Market share (2024)
- Revenue (2024)
- Profit (2024)
- Profit margin (2024)
External Environment
Highlights
Trends
- Regulation & Policy
- Assistance
Key Takeaways
Hotels and holiday accommodation providers must adhere to various regulations. Health and safety rules and laws on serving food and beverages contribute to a moderate level of regulation.
External Drivers
Analysis
What demographic and macroeconomic factors impact the Hotels & Holiday Accommodation in Cyprus industry?
Financial Benchmarks
Highlights
Trends
- Profit Margin
- Average Wage
- Largest Cost
Key Takeaways
COVID-19 cuts into profit. Restrictions imposed during the COVID-19 pandemic left accommodation providers unable to generate much revenue, meaning operating costs, like wages and debt, weighed on their returns.
Cost Structure
Charts
- Share of Economy vs. Investment Matrix
-
Industry Cost Structure Benchmarks:
- Marketing
- Depreciation
- Profit
- Purchases
- Wages
- Rent
- Utilities
- Other
Analysis
What trends impact cost in the Hotels & Holiday Accommodation in Cyprus industry?
Key Ratios
Data tables
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
- Revenue per Employee (2014-2029)
- Wages/Revenue (2014-2029)
- Employees per Establishment (2014-2029)
- Average Wage (2014-2029)
Country Benchmarks
European Leaders & Laggards
Data Tables
Top and boottom five countries listed for each:
- Revenue Growth (2024)
- Business Growth (2024)
- Job Growth (2024)
European Country Performance
Data Tables
Rankings available for 37 countries. Statistics ranked include:
- IVA/Revenue (2024)
- Imports/Demand (2024)
- Exports/Revenue (2024)
- Revenue per Employee (2024)
- Wages/Revenue (2024)
- Employees per Establishment (2024)
- Average Wage (2024)
Structural Comparison
Data Tables
Trends in 37 countries benchmarked against trends in Europe
- Concentration
- Competition
- Barriers to Entry
- Buyer Power
- Supplier Power
- Volatility
- Capital Intensity
- Innovation
- Life Cycle
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Methodology
Where does IBISWorld source its data?
IBISWorld is a world-leading provider of business information, with reports on 5,000+ industries in Australia, New Zealand, North America, Europe and China. Our expert industry analysts start with official, verified and publicly available sources of data to build an accurate picture of each industry.
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and IBISWorld's proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools.
To learn more about specific data sources used by IBISWorld's analysts globally, including how industry data forecasts are produced, visit our Help Center.
France
Italy
Spain