In a remarkable year of recovery, the global hotel industry surged past expectations to generate a staggering $1.48 trillion in 2023, proving that travel demand isn't just back—it's stronger than ever.
Key Takeaways
- Global hotel industry revenue totaled $1.48 trillion in 2023, marking a 12.5% increase from 2022.
- Worldwide hotel revenue per available room (RevPAR) averaged $92.50 in 2023.
- The luxury hotel segment generated $450 billion in revenue globally in 2023.
- US hotel industry total revenue reached $235 billion in 2023.
- New York City hotels generated $9.2 billion in revenue in 2023.
- RevPAR in the US averaged $112.40 in 2023.
- European hotel market revenue reached €250 billion in 2023.
- UK hotel RevPAR averaged £105 in 2023.
- Paris hotels generated €8.5 billion in revenue during 2023.
- Asia-Pacific hotel revenue totaled $420 billion in 2023.
- China hotel industry revenue ¥1.2 trillion in 2023.
- Japan RevPAR ¥15,000 average in 2023.
- Global hotel revenue projected to reach $1.7 trillion by 2025.
- US hotel RevPAR forecast at $130 by 2025.
- Europe hotel revenue expected €280 billion in 2024.
Global hotel revenue grew significantly in 2023 and is projected to keep rising.
Asia-Pacific Hotel Revenue
- Asia-Pacific hotel revenue totaled $420 billion in 2023.
- China hotel industry revenue ¥1.2 trillion in 2023.
- Japan RevPAR ¥15,000 average in 2023.
- Singapore hotel revenue SGD 3.5 billion in 2023.
- India hotel revenue ₹250 billion in 2023.
- Occupancy Asia-Pacific 62% in 2023.
- Thailand ADR THB 3,200 in 2023.
- Hong Kong hotel revenue HKD 25 billion in 2023.
- Australia hotel revenue AUD 12 billion in 2023.
- South Korea RevPAR KRW 150,000 in 2023.
- Indonesia hotel revenue IDR 150 trillion in 2023.
- Malaysia ADR MYR 350 in 2023.
- Asia-Pacific luxury segment $150 billion in 2023.
- Dubai hotel revenue AED 28 billion in 2023 (APAC extended).
- Vietnam hotel growth 20% revenue in 2023.
- Philippines RevPAR PHP 5,500 in 2023.
- Asia-Pacific F&B revenue $95 billion in 2023.
- Tokyo hotel revenue ¥1.1 trillion in 2023.
- Asia-Pacific upscale revenue $110 billion in 2023.
- Bali hotel revenue IDR 40 trillion in 2023.
- Asia-Pacific TRevPOR $180 average in 2023.
- Seoul hotel revenue KRW 8 trillion in 2023.
Asia-Pacific Hotel Revenue Interpretation
While the Asia-Pacific hotel market's staggering $420 billion revenue in 2023 paints a picture of robust recovery, the devil—and the profit—is in the details, from China's colossal ¥1.2 trillion dominance and the luxury segment's $150 billion haul right down to the region's cautiously optimistic 62% occupancy rate.
European Hotel Revenue
- European hotel market revenue reached €250 billion in 2023.
- UK hotel RevPAR averaged £105 in 2023.
- Paris hotels generated €8.5 billion in revenue during 2023.
- Germany hotel industry revenue was €45 billion in 2023.
- Occupancy in Europe averaged 68% in 2023.
- Spain hotel revenue hit €22 billion in 2023.
- Italy luxury hotel revenue was €12 billion in 2023.
- France ADR was €180 in 2023 for hotels.
- London hotel revenue totaled £5.2 billion in 2023.
- Europe upscale hotel growth 10% YoY in 2023.
- Netherlands hotel revenue €6.8 billion in 2023.
- ADR Europe-wide was €145 in 2023.
- Rome hotels generated €3.1 billion in 2023.
- Europe F&B hotel revenue €65 billion in 2023.
- Switzerland hotel RevPAR CHF 220 in 2023.
- Barcelona revenue €2.9 billion from hotels in 2023.
- Europe midscale revenue €70 billion in 2023.
- Berlin hotel revenue €2.4 billion in 2023.
- Europe resort revenue €55 billion in 2023.
- Amsterdam ADR €210 in 2023.
- Europe independent hotels 32% revenue share in 2023.
- Madrid hotel revenue €2.2 billion in 2023.
- Europe TRevPOR €250 average in 2023.
- Vienna hotels €1.8 billion revenue in 2023.
- Europe economy hotel growth 12% in 2023.
- Prague RevPAR CZK 3,500 in 2023.
- Europe conference revenue €40 billion in 2023.
European Hotel Revenue Interpretation
The European hotel market's €250 billion revenue in 2023 shows travelers are not just buying a room, but are funding a continent-wide, well-oiled hospitality machine where even the midscale sector is a €70 billion behemoth, proving that everyone from the luxury spender in Italy to the economy traveler has decided their vacation is worth paying a premium to forget they ever had a budget.
Global Revenue Trends
- Global hotel industry revenue totaled $1.48 trillion in 2023, marking a 12.5% increase from 2022.
- Worldwide hotel revenue per available room (RevPAR) averaged $92.50 in 2023.
- The luxury hotel segment generated $450 billion in revenue globally in 2023.
- Occupancy rates worldwide for hotels reached 65.2% in 2023, contributing to revenue growth.
- Global hotel room revenue accounted for 72% of total hotel revenue in 2023.
- ADR (Average Daily Rate) for global hotels was $141.80 in 2023.
- Revenue from food and beverage in hotels worldwide hit $320 billion in 2023.
- Upscale hotels globally saw 15% YoY revenue growth in Q4 2023.
- Total revenue for the top 10 global hotel chains exceeded $250 billion in 2023.
- Independent hotels contributed 35% to global hotel revenue in 2023.
- Global hotel revenue from meetings and events was $180 billion in 2023.
- Midscale hotels generated $280 billion globally in 2023.
- Revenue growth in economy hotels worldwide was 18% in 2023.
- Global hotel spa revenue reached $45 billion in 2023.
- Total RevPAR growth globally was 14.2% in 2023 vs 2022.
- Upper upscale hotels had $380 billion in revenue worldwide in 2023.
- Global hotel revenue from ancillary services was $210 billion in 2023.
- Occupancy-driven revenue increased by 10% globally in 2023.
- ADR growth worldwide was 8.7% in 2023.
- Global hotel chain revenue share was 65% of total in 2023.
- Revenue from urban hotels globally rose 16% in 2023.
- Resort hotels generated $290 billion worldwide in 2023.
- Global hotel revenue per occupied room (TRevPOR) averaged $220 in 2023.
- Year-over-year revenue growth for global hotels was 12.8% in 2023.
- Budget hotels worldwide saw revenue of $190 billion in 2023.
- Global conference hotel revenue hit $95 billion in 2023.
- Revenue from loyalty programs in hotels globally was $55 billion in 2023.
- Global hotel revenue recovery to pre-pandemic levels reached 95% in 2023.
- Extended-stay hotels generated $75 billion globally in 2023.
- Global boutique hotel revenue was $120 billion in 2023.
Global Revenue Trends Interpretation
The hotel industry, much like a well-tended minibar, showed a remarkable ability to restock its coffers in 2023, with a $1.48 trillion global haul proving that travelers are eagerly paying premiums—from $92.50 RevPAR to $45 billion in spa revenue—for the luxury of a pillow mint and a 'Do Not Disturb' sign.
Revenue Forecasts and Projections
- Global hotel revenue projected to reach $1.7 trillion by 2025.
- US hotel RevPAR forecast at $130 by 2025.
- Europe hotel revenue expected €280 billion in 2024.
- Asia-Pacific growth projected 15% YoY revenue in 2024.
- Global luxury hotel revenue to $520 billion by 2027.
- China hotel revenue forecast ¥1.5 trillion in 2024.
- US occupancy projected 66% in 2024.
- World ADR forecast $155 by 2025.
- India hotel revenue to ₹350 billion by 2025.
- Europe RevPAR growth 7% projected for 2024.
- Global F&B hotel revenue $380 billion by 2028.
- UK hotel revenue forecast £18 billion in 2024.
- US luxury segment $95 billion projected 2025.
- Japan ADR ¥18,000 by 2025 forecast.
- Global RevPAR to grow 6.5% annually to 2028.
- Australia revenue AUD 15 billion projected 2025.
- Middle East hotel revenue $60 billion by 2025.
- France post-Olympics revenue €95 billion forecast 2025.
- Global economy hotels 20% growth to 2027.
- Singapore RevPAR SGD 250 by 2025.
- US TRevPOR $230 projected 2025.
- Thailand revenue THB 200 billion forecast 2024.
- Global resort revenue $350 billion by 2027.
- Germany hotel revenue €50 billion projected 2025.
- Asia-Pacific luxury $180 billion by 2025.
- Spain ADR €200 forecast 2025.
- Global chain revenue 70% share by 2028.
- Brazil hotel revenue BRL 40 billion by 2025.
- Europe independent hotels growth 8% to 2025.
Revenue Forecasts and Projections Interpretation
We are collectively booking a grand, multi-trillion-dollar global vacation, where every continent is a guest adding to the tab, with luxury suites and budget bunk beds alike racing to check in at ever-higher nightly rates.
US Hotel Revenue
- US hotel industry total revenue reached $235 billion in 2023.
- New York City hotels generated $9.2 billion in revenue in 2023.
- RevPAR in the US averaged $112.40 in 2023.
- Occupancy rate for US hotels was 63.4% in 2023.
- US luxury hotel revenue was $85 billion in 2023.
- ADR for US hotels averaged $177.50 in 2023.
- Revenue from US hotel F&B operations was $42 billion in 2023.
- Las Vegas hotel revenue hit $11.5 billion in 2023.
- US upscale hotel RevPAR grew 11% in 2023.
- Total revenue for Marriott in the US was $45 billion in 2023.
- US midscale hotels generated $52 billion in revenue in 2023.
- Orlando hotel revenue reached $7.8 billion in 2023.
- US hotel revenue per available room was $110 in 2023.
- Revenue growth in US economy hotels was 14% in 2023.
- Hilton US hotel revenue totaled $32 billion in 2023.
- US resort hotel revenue was $28 billion in 2023.
- Chicago hotels generated $4.1 billion in revenue in 2023.
- US upper midscale RevPAR was $98.20 in 2023.
- Revenue from US convention hotels was $15 billion in 2023.
- Miami hotel revenue hit $5.6 billion in 2023.
- US independent hotel revenue share was 28% in 2023 ($66 billion).
- San Francisco hotel revenue recovered to $3.2 billion in 2023.
- US hotel TRevPOR averaged $195 in 2023.
- Hyatt US revenue was $12 billion in 2023.
- US urban hotel revenue growth was 13.5% in 2023.
- Los Angeles hotel revenue totaled $4.8 billion in 2023.
- US extended-stay hotel revenue was $18 billion in 2023.
- Revenue from US spa hotels was $9 billion in 2023.
US Hotel Revenue Interpretation
While luxury hotels are swimming in champagne and upscale chains are popping corks, the rest of the industry is still cautiously sipping their revenue recovery, as the ghost of 63.4% occupancy whispers that the party isn't quite back for everyone.
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