Key Takeaways
- The global hotel and motel market size was valued at USD 951.02 billion in 2022 and is expected to grow at a CAGR of 8.2% from 2023 to 2030.
- U.S. hotel industry revenue reached $237.9 billion in 2023, up 6.3% from 2022.
- The Asia-Pacific hotel market is projected to register the highest CAGR of 9.1% during the forecast period from 2023 to 2032.
- U.S. hotel RevPAR grew 8.5% in 2023 to $110.52.
- Global hotel EBITDA margins are expected to average 32.5% in 2024.
- U.S. hotel GOPPAR increased by 10.2% year-over-year in Q4 2023.
- U.S. national occupancy rate averaged 63.5% in 2023.
- New York City hotel occupancy reached 82.4% in December 2023.
- Global hotel occupancy is forecasted to reach 65.2% in 2024.
- U.S. hotel employment totaled 6.2 million jobs in 2023.
- Global hotel workforce is projected to need 12.7 million new jobs by 2032.
- U.S. hotel labor turnover rate averaged 45.2% in 2023.
- Global hotel PMS adoption at 85% in 2023.
- 62% of hotels implemented contactless check-in by 2023.
- AI chatbots used in 45% of global hotels for guest service in 2023.
The global hotel industry is growing rapidly with Asia-Pacific leading and technology transforming operations.
Employment and Workforce
- U.S. hotel employment totaled 6.2 million jobs in 2023.
- Global hotel workforce is projected to need 12.7 million new jobs by 2032.
- U.S. hotel labor turnover rate averaged 45.2% in 2023.
- Women represent 53% of the global hotel workforce.
- U.S. hotels added 128,000 jobs in 2023.
- 70% of hotel managers report staffing shortages in 2023.
- Average U.S. hotel hourly wage increased 6.8% to $19.45 in 2023.
- Europe's hotel employment grew 2.5% in 2023 to 2.1 million.
- 42% of U.S. hotels increased training budgets in 2023.
- India's hotel industry employed 5.5 million people in 2023.
- Global hotel management traineeships grew 15% in 2023.
- U.S. hotel F&B staff turnover at 52.3% in 2023.
- 65% of hotels use AI for recruitment in 2024.
- Australia's hotel workforce shortage affected 78% of operators in 2023.
- U.S. Hispanic workers make up 28% of hotel staff in 2023.
- Global hotel skills gap widest in revenue management at 61%.
- U.S. hotels' labor costs as % of revenue at 38.4% in 2023.
- 55% of hoteliers plan to hire more in 2024.
- China's hotel employment recovered to 3.2 million in 2023.
- U.S. hotel executive turnover rate 12.5% in 2023.
- Diversity training implemented in 67% of U.S. hotels in 2023.
- Southeast Asia hotel staff vacancy rate 25% in 2023.
- 48% of hotels offer mental health benefits in 2023.
- U.S. hotel industry supported 8.9 million jobs indirectly in 2023.
Employment and Workforce Interpretation
Market Size and Growth
- The global hotel and motel market size was valued at USD 951.02 billion in 2022 and is expected to grow at a CAGR of 8.2% from 2023 to 2030.
- U.S. hotel industry revenue reached $237.9 billion in 2023, up 6.3% from 2022.
- The Asia-Pacific hotel market is projected to register the highest CAGR of 9.1% during the forecast period from 2023 to 2032.
- Global hotel market revenue is forecasted to increase by 4.3% in 2024 to reach US$412.0bn.
- The luxury hotel segment dominated the market with a revenue share of over 35.0% in 2022.
- India's hotel industry is expected to add 17,700 keys in 2024, with a total of 2.35 lakh operational keys.
- The U.S. hotel development pipeline stands at 511,380 rooms as of Q3 2023, with 59,856 rooms scheduled to open in 2024.
- Europe's hotel market is expected to reach €150 billion in revenue by 2025.
- The global boutique hotels market size was valued at USD 25.36 billion in 2022 and is projected to grow at a CAGR of 7.5% from 2023 to 2030.
- China's hotel industry market size exceeded CNY 400 billion in 2023.
- The Middle East hotel market is anticipated to grow at a CAGR of 6.8% from 2023 to 2030.
- U.S. hotel room supply grew by 1.8% year-over-year in 2023.
- The global hotel management software market size was valued at USD 5.2 billion in 2022 and is expected to expand at a CAGR of 12.7% from 2023 to 2030.
- Latin America's hotel market revenue is projected to grow by 7.5% in 2024.
- The U.S. extended-stay hotel segment saw 4.1% supply growth in 2023.
- Global hotel transaction volume reached $42 billion in 2023.
- Australia's hotel market is expected to reach AUD 15 billion by 2028.
- The resort hotel market worldwide is projected to grow by 5.2% annually through 2027.
- Southeast Asia's hotel pipeline includes over 500,000 rooms under construction as of 2023.
- The global timeshare market, part of hotel management, was valued at $10.5 billion in 2023.
Market Size and Growth Interpretation
Occupancy and Demand
- U.S. national occupancy rate averaged 63.5% in 2023.
- New York City hotel occupancy reached 82.4% in December 2023.
- Global hotel occupancy is forecasted to reach 65.2% in 2024.
- U.S. resort hotels occupancy averaged 68.7% in 2023.
- Europe's hotel occupancy grew 4.2% to 64.8% in 2023.
- India's branded hotel occupancy averaged 70.5% in 2023.
- U.S. extended-stay occupancy hit 72.1% in 2023.
- Dubai hotel occupancy reached 78.9% in 2023.
- Asia-Pacific urban hotels occupancy recovered to 62.3% in 2023.
- U.S. convention hotels occupancy at 65.4% in 2023.
- Latin America hotel occupancy up 5.8% to 59.2% in 2023.
- Australia's major cities occupancy averaged 67.2% in 2023.
- U.S. luxury segment occupancy 71.8% in 2023.
- Southeast Asia leisure demand drove occupancy to 65.7% in 2023.
- U.S. airport hotels occupancy 64.9% in 2023.
- Global demand for hotel rooms grew 4.1% in 2023 to 2.8 billion room nights.
- China's hotel occupancy rate was 45.6% in 2023.
- U.S. suburban hotels occupancy 62.8% in 2023.
- Middle East occupancy averaged 70.4% in 2023.
- U.S. independent hotels occupancy up 3.2% to 60.1% in 2023.
- Europe's beach resorts occupancy 75.6% in summer 2023.
- U.S. downtown markets occupancy 59.3% in 2023.
- Global business travel demand recovered to 85% of 2019 levels in 2023.
Occupancy and Demand Interpretation
Revenue and Financials
- U.S. hotel RevPAR grew 8.5% in 2023 to $110.52.
- Global hotel EBITDA margins are expected to average 32.5% in 2024.
- U.S. hotel GOPPAR increased by 10.2% year-over-year in Q4 2023.
- The average daily rate (ADR) for U.S. hotels rose 2.6% to $162.15 in 2023.
- Europe's hotel RevPAR grew 11.4% in 2023.
- U.S. luxury hotels achieved a RevPAR of $312.79 in 2023, up 7.4%.
- Global hotel profit margins reached 35.2% in 2023 for upper upscale properties.
- India's hotel RevPAR grew 14.5% in 2023.
- U.S. hotel total revenue per available room (TRevPAR) hit $173.47 in 2023.
- Asia-Pacific hotel ADR increased by 12.3% in 2023.
- U.S. economy hotels saw RevPAR growth of 9.8% in 2023.
- Global hotel labor costs rose 7.1% as a percentage of revenue in 2023.
- Middle East hotel RevPAR surged 18.2% in 2023.
- U.S. independent hotels reported 6.5% RevPAR growth in 2023.
- Canada's hotel EBITDA grew 15% in 2023.
- Latin America hotel TRevPAR up 10.4% in Q4 2023.
- U.S. urban hotels RevPAR reached $138.45 in 2023.
- Australia's hotel revenue grew 12% to AUD 12.5 billion in 2023.
- Southeast Asia resort hotels ADR up 15.6% in 2023.
- U.S. hotel profit per available guest (PAG) averaged $78 in 2023.
- Global hotel group profit conversion ratio was 32.8% in 2023.
- U.S. hotel F&B revenue share was 22.4% of total revenue in 2023.
- Europe's luxury hotels saw GOP margins of 38.5% in 2023.
- U.S. RevPAR index for upscale hotels was 105.2 in 2023.
- Global hotel capital expenditure averaged 15% of revenue in 2023.
Revenue and Financials Interpretation
Trends and Technology
- Global hotel PMS adoption at 85% in 2023.
- 62% of hotels implemented contactless check-in by 2023.
- AI chatbots used in 45% of global hotels for guest service in 2023.
- Sustainability initiatives adopted by 78% of hotel chains in 2023.
- Mobile key technology penetration reached 55% in U.S. hotels in 2023.
- 71% of hotels use revenue management systems in 2023.
- IoT devices in hotels grew to 2.5 per room average in 2023.
- 40% of bookings via OTAs in 2023 globally.
- Voice assistants integrated in 28% of luxury hotels in 2023.
- Blockchain for loyalty programs piloted in 15% of major chains in 2023.
- Energy management software used by 60% of European hotels in 2023.
- 52% of hotels adopted dynamic pricing in 2023.
- VR tours implemented in 35% of marketing strategies in 2023.
- Data analytics for personalization in 67% of upscale hotels in 2023.
- Robot concierges in 12% of Asian hotels in 2023.
- Cloud-based PMS market share 68% in 2023.
- 75% of millennials prefer eco-certified hotels in 2023.
- NFC payments accepted in 49% of U.S. hotels in 2023.
- Predictive maintenance tech in 41% of properties in 2023.
- Metaverse hotel experiences tested by 8% of brands in 2023.
- Guest feedback via AI sentiment analysis in 58% of chains in 2023.
- Smart room controls in 63% of new builds in 2023.
- OTA commission rates averaged 18.5% in 2023.
- Biometric check-in in 22% of luxury properties in 2023.
- ESG reporting mandatory for 45% of public hotel companies in 2023.
Trends and Technology Interpretation
Sources & References
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