The hotel business is huge and varied, encompassing everything from low-cost motels to upscale resorts with unparalleled amenities across the globe. Because of this, it's an interesting industry to research. Here we have shared some newfound hotel industry statistics and trends  that demonstrate the noteworthy developments in the hotel sector.

Market Overview

  1. With a compound annual growth rate (CAGR) of 7.0%, the hospitality sector saw impressive growth from $4,390.59 billion in 2022 to $4,699.57 billion in 2023. This notable growth is evidence of the industry's resiliency and capacity to overcome the difficulties faced in recent years. EHL
  2. With an astounding compound annual growth rate (CAGR) of 5.5%, the global hospitality market is expected to reach an astounding $5,816.66 billion by 2027. EHL
  3. May 2020, COVID-19 had caused the industry to lose more than $21 billion in revenue. CondorFerries
  4. State and local tax revenue from hotels has rise to $46.71 billion in 2023 from $41.11 billion in 2019. CondorFerries
  5. In terms of revenue, the Global Hotels & Resorts industry reached a market size of $1.5 trillion by 2023. CondorFerries
  6. Between 2018 and 2023, the global hotels and resorts market grew at an average annual rate of 1.1%. CondorFerries
  7. With more than 150,000 hotel rooms, Las Vegas, Nevada, tops the list of cities in the world with the most hotel rooms.  CondorFerries
  8. With 7,351 rooms, First World Hotel Malaysia is the largest hotel globally. CondorFerries
  9. This year, Macau overtook London as the city with the greatest number of five-star hotels worldwide. CondorFerries
  10. According to data on luxury hotels, there are more than 4,400 four- and five-star establishments worldwide. CondorFerries
  11. With more than 9157 properties, the Wyndham Hotel Group is the largest organisation in the world. CondorFerries
  12. With more than 150,000 hotel rooms, Las Vegas leads the pack, followed by New York with more than 115,000. In the US, New York also has the most spotless hotel rooms. CondorFerries
  13. Marriott International Inc. emerged as the top hotel and resort chain when analysed by market value, as determined by Forbes in its "Global 2000" list of the biggest corporations globally. In 2023, the market value of the hotel chain was estimated to be around 53.6 billion dollars. Las Vegas Sands Corp., a rival, came in second place with 47.1 billion US dollars. Statista
  14. In all, 1,842 hotels made their debut globally in 2022. It was anticipated that this number would increase to 2,480 new hotels opening globally in 2023 and 2,707 in 2024. Botshot
  15. According to revenue, the size of the global hotel and resorts market in 2023 is projected to be $1.5 trillion, with a growth rate of 12.3%. Botshot

Market Segmentation (Sourced by: Botshot)

By Type:

  1. With a predicted 13.6% compound annual growth rate, the hotel and motel industry is expected to grow at the fastest rate and reach $394.8 billion in global sales by 2026.

By Booking Method:

  1. By 2026, online reservations are predicted to increase global yearly sales by $226.6 billion at a compound annual growth rate of 18.2%.

By Application:

  1. By 2026, the official business (professional) market is expected to generate $339.3 billion in global yearly sales, growing at a compound annual growth rate of 12.7%.

According to Price Point:

  1. The market for luxury goods will expand at a 13.1% CAGR. By 2026, the economy market is expected to have the largest potential for growth, with global sales expected to increase by $107.2 billion.

According to Ownership:

  1. With 68.4% of the market, the standalone market was the biggest in 2021. With a 14.5% CAGR, however, the chained market will grow at the fastest rate. By 2026, the standalone market will see an increase in global yearly sales of $317.5 billion.

Key Stakeholders and Market share

  1. After only $54.13 billion the year before, Airbnb's market value increased significantly to $92.11 billion in 2023 US dollars. That being said, its valuation has dropped from its all-time high of over $100 billion in 2021. Statista
  2. With a dominant market share of more than 20% in the vacation rental business, Airbnb appears to be in decline as a result of growing rental prices and an excessive selection of properties. LamaHelp
  3. With a $9 billion market capitalization, Booking.com is the most valuable travel and tourism brand in the world. Companies Market Cap
  4. Despite the Wyndam group owning the most properties, Hilton is the most valuable hotel brand globally as of 2023, with a brand value of $11.7 billion. Brand Directory

International Hotel Industry

  1. With 35.8% of the global market for hotels and other travel accommodations in 2021, Asia Pacific was reported to be the largest region, followed by North America, Western Europe, and other regions.  Botshot
  2. Africa and South America will have the fastest rates of growth in the hotel and other travel accommodation markets worldwide in the future, with CAGRs of 20.1% and 16.0%, respectively, from 2021 to 2026. Botshot
  3. One of the top cities in the world with the most hotel rooms is Las Vegas, Nevada. More than 150,000 hotel rooms are there. Botshot

US (sourced by: Steam Mind)

  1. In the United States, Booking.com, Expedia, hotel websites (direct bookings), Agoda, and Airbnb are the top five revenue-generating channels for hotels.
  2. In the United States, the hotel industry is valued over $106 billion.
  3. Over 160 million "users" will be involved in the hotel industry by 2027.
  4. In the US, there are over 90,000 hotels.
  5. Just under 65% of US spaces are occupied on average.
  6. The lodging sector in the United States employs roughly 1.6 million people.

UK (sourced by: Steam Mind)

  1. In the UK, Booking.com, Expedia, hotel websites, hotelbeds, and global distribution systems (GDS) are the top five revenue-generating channels for hotels.
  2. In the UK, there are about 900,000 rooms available.
  3. The Premier Inn brand is the most well-known in the United Kingdom.
  4. At 133 British pounds, Brighton & Hove has the highest average price.
  5. The value of hotel market revenue is almost $22 billion.
  6. In the previous 12 months, 55% of adults in the UK have stayed in a hotel

Hotel Occupancy and Booking Rate Statistics

  1. Occupancy increases in some major cities could reach 17.5% in the upcoming year. Steam Mind
  2. In 2023, occupancy rates significantly increased, with many European destinations reporting summertime occupancy rates of 80–85%.Steam Mind
  3. By the last quarter of 2023, the average worldwide was 69%.Steam Mind
  4. While direct bookings rank among the top three options for international travellers, Booking.com remains the most popular booking channel. Steam Mind
  5. Almost 25% of hotel reservations are made through mobile devices. Steam Mind
  6. Online reservations now account for nearly 60% of all hotel reservations, a percentage that has been rising steadily. Steam Mind
  7. By the end of Q1, 2023, average daily rates (ADRs) had increased 3.4% globally. While the tenant count increased by 17.6%.TravelDailyMedia
  8. RevPAR, or global revenue per available room, is 21.6% higher than in 2022. CondorFerries
  9. More than 60% of properties saw a recovery in RevPAR, bringing the global hotel industry back to pre-pandemic levels.  CondorFerries
  10. Japan saw the largest ADR gain of +81.2%, followed by growth of more than 20% YoY in China, Indonesia, and Germany. CondorFerries
  11. ADR increased by just 1.7% to £164 in the UK. When combined with a YoY increase in occupancy of 13.2%, RevPAR is currently up 15.1%. CondorFerries
  12. ADR in the USA is $296, but YoY occupancy has increased by 12%, and RevPAR is 11.9% higher than it was a year ago. CondorFerries
  13. Asia is showing significant improvement; occupancy has increased 56% YoY and ADR is up 18.6% to $126. Right now, RevPAR is 85% ahead of 2022.
  14.  CondorFerries
  15. While occupancy is up 25.3% YoY and ADR is only 2.4% higher at $172 in the Middle East, RevPAR is 28.3% higher than it was a year ago.  CondorFerries
  16. In Europe, ADR has decreased in real terms, with nightly rates rising by just 5% to $170. But while occupancy is up 17.4% YoY, RevPAR is up 23.2% from the previous year. CondorFerries

Visitors Preferences in Hotels

  1. According to ReviewTrackers, 40% of hotel guests are likely to write a review following a positive experience, and 48% are likely to write one following a negative one. hoteltechreport
  2. Compared to 72% of travellers who read reviews before making restaurant or tour reservation reservations, 81% of travellers always or frequently read reviews before booking their accommodations. hoteltechreport
  3. According to 61% of travellers in Booking.com's annual Sustainable Travel Report for 2021, the pandemic has motivated them to travel more sustainably. In addition, 81% of visitors said they intended to book stays in environmentally friendly establishments in the upcoming year. hoteltechreport
  4. According to a 2021 Expedia survey, 59% of travellers said they would increase their spending in order to make their trips more environmentally friendly. hoteltechreport

Hotel Employment Statistics

  1. The travel and tourism industry employed roughly 320 million people in 2023, demonstrating a consistent upward trend following a decrease in employment in 2020. Employment fell from 334 million in 2019 to 271 million as a result of this decline. HospitalityInsights
  2. Nonetheless, the sector is currently recovering, and job opportunities are rising steadily once more. Unilever
  3. Hotel staffing shortages are predicted to persist until 2025, at which point an actual adjusted recovery in the industry is anticipated. STR and Economics of Tourism
  4. Just 28% of employees in the hospitality industry work full-time.  Labour Market Insights

Sustainable Hotel Industry Statistics

  1. 81% of travellers worldwide think that sustainable travel is important, and 78% of travellers plan to stay in a sustainable property at least once in 2023. CondorFerries
  2. Customers are willing to pay 38% more to make their travels more sustainable, and 50% of them would pay more for lodging, activities, and transportation if they were more environmentally friendly. CondorFerries
  3. Of the travellers, 61% would like to know more about ecotourism, and 46% know how to plan a trip that is truly sustainable. CondorFerries
  4. Thirty percent of travellers worry about overtourism, thirty percent are willing to consider less-traveled destinations to lessen the negative impact on the environment, and thirty-eight percent are aware of the threats to wildlife and natural habitats. CondorFerries

Hotel Industry and Technology

  1. Hoteliers rank their property management system (86%), revenue management system (84%), and channel manager as the three most crucial systems for daily operations. hoteltechreport
  2. 39% of hoteliers use integrated payment processing within their property management system, compared to 56% who use a third-party payment gateway. hoteltechreport
  3. Compared to 59% prior to the pandemic, 85.9% of hoteliers offer or plan to offer in-room technology by 2022. hoteltechreport
  4. Prior to the pandemic, 74% of hoteliers employed technology-enabled guest surveys; 4% started using them during the pandemic, and 4% more planned to do so in 2022. hoteltechreport
  5. In 2020 and 2021, the use of mobile keys rose by 45% in hotels; a 31% increase is anticipated in 2022. hoteltechreport

Future Outlook

  1. As of the first quarter of 2024, there were 6,195 hotels under construction worldwide. In the meantime, 3,840 hotels were scheduled to begin building across the globe in the upcoming 12 months. Statista
  2. As of the first quarter of 2024, there were more than 1.1 million hotel rooms under construction worldwide. In the meantime, plans called for the construction of 528,251 hotel rooms globally within the next 12 months. Statista
  3. As of the first quarter of 2024, the United States had 2,272 hotel construction projects under development, more than any other country in the world. China, on the other hand, ranked second with 1,688 ongoing hotel projects. Statista
  4. China led the world in the quantity of hotel rooms under construction as of the first quarter of 2024. During that time, the nation was building more than 414 thousand hotel rooms. The United States, with approximately 342 thousand hotel rooms under construction, came next. Statista
Almond Coupons

As a company, we strive to perfect the shopping experience for you by providing you with authentic and reliable coupon codes which you can benefit from easily.