Global Hotels & Resorts - Industry Market Research Report

Global Hotels & Resorts - Industry Market Research Report

Global Hotels & Resorts

Over the five years to 2023, the Global Hotels and Resorts industry has expanded. Initially, strong growth before the pandemic occurred as consumers and businesses became more confident about their finances and spent more liberally on luxuries, including travel. This factor resulted in a substantial increase in hotel rooms and occupancy rates, two indicators of a hotel's performance. Global tourist arrivals were also steadily increasing until a drastic drop in 2020 due to the worldwide spread of COVID-19. In 2020 alone, industry revenue declined 40.1% due to the pandemic effect. The pandemic has enormously influenced all tourism-related industries, as many countries suspended international travel and limited the number of flights. This led to a decline in industry profit and revenue during the same period. Since the pandemic has subsided and travel activities have picked up thanks to the mass immunization efforts, industry revenue has rebounded, rising 12.3% in 2023 alone. Overall, industry revenue is expected to grow at an annualized rate of 1.1% to $1.5 trillion over the five years to 2023.The emergence of new virus variants and record-high inflation in major economies have reduced travel demand.

Operators in the Global Hotels and Resorts industry include hotel and resort accommodations with private or shared facilities, and with or without meal services and restaurants attached. This includes both chain and franchised operators. However, it excludes all other forms of accommodation, such as motels, caravan parks and camping grounds, youth and backpacker hotels and bed and breakfast establishments.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.