PUBLISHER: MarketLine | PRODUCT CODE: 1590385
PUBLISHER: MarketLine | PRODUCT CODE: 1590385
Global Hotels & Motels industry profile provides top-line qualitative and quantitative summary information including: industry size (value and volume , and forecast to 2028). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the industry.
The hotels & motels industry consists of establishments that provide paid lodging and full guest services, typically with a continuous staff presence. In the case of motels, this includes off-street parking facilities, but not necessarily meal services. The industry is detailed in both value and volume terms.
The industry value represents of the total revenue generated by (a) rent that a guest pays for an occupied room and (b) other revenues, including revenue from food and beverages, telecommunications, health and leisure operations, and car rentals. Industry volume includes the number of establishments in a given country that provide paid lodging and full guest services.
All market data and forecasts are adjusted for inflation and all currency conversions used in the creation of this report have been calculated using yearly annual average exchange rates.
The global hotels & motels industry recorded revenues of $1,236.3 billion in 2023, representing a compound annual growth rate (CAGR) of 3.2% between 2018 and 2023.
The number of establishments in the industry grew at a CAGR of 2.1% between 2018 and 2023, reaching a total of 465,196 in 2023.
The growing travel and tourism expenditure is a key driver of revenue in the hotels & motels industry. According to the World Travel & Tourism Council (WTTC), the total travel and tourism spending in the US reached $1,370.7 billion in 2023, reflecting a 13.7% increase from 2022.