Tui owned Hotelbeds has unveiled its five-year growth plans on the first day of London’s annual World Travel Market.

Online accommodation is one of the fast-growing segments of the travel industry, and is forecast to continue to grow by 8%, according to Euromonitor. Hotelbeds has been outperforming this rising market and experiencing double-digit growth over the past decade. It is therefore well placed to now invest and become a premier player in this segment. The last year saw 11 million room nights sold and 24% growth of total transaction values. This year saw 14 million roomnights sold and total transaction values are forecast to grow by 25%.

Carlos Muñoz, Managing Director of Hotelbeds, said: “It is an exciting time for Hotelbeds and we are looking forward to rolling out our five-year strategy and expanding the business even further.

Looking at figures from the past 12 months alone, it is clear that these targets are realistic and Hotelbeds’ future is set to even eclipse the achievements of a very successful past decade”.

Joan Vilà, Managing Director of Accommodation & Destinations Sector, TUI Travel PLC, said: “We are very proud of Hotelbeds achievements over the last decade. The investment and expansion plans outlined here today will really elevate the position of Hotelbeds and make it a tour de force in the industry.”

He continued: “Our principles this past decade have been to invest in our people, our IT platforms and our distribution. As there is uncertainty in economies around the world, we are happy to be in a position to create much-needed employment and investment.”