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Hotels & Motels

Hotels & Motels

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Executive summary

The Hotels and Motels industry is highly susceptible to changes in the domestic and global economic environments, which caused the industry to experience substantial volatility due to the onset of the COVID-19 (coronavirus) pandemic in 2020. Over most of the five years to 2022, the industry has benefited from increases in travel spending, corporate profit and general consumer spending. These factors were all affected substantially by the coronavirus pandemic. The onset of the virus in the United States immediately reversed economic trends that were benefiting the industry, by stifling spending and halting travel; as a result, the industry was one of the hardest hit industries by the coronavirus pandemic. Nonetheless, on the back of robust demand from the domestic leisure travel segment the industry has experienced revenue growth in 2021 and 2022. Consequently, IBISWorld expects industry revenue to rise at an annualized rate of 4.0% to $258.1 billion over the past five years, including an anticipated increase of 50.9% in 2022 amid strong recovery in domestic leisure travel.
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Each report includes:

industry revenue;

industry profit;

industry margin;

industry employment;

industry major players;

industry key external drivers;

industry product & structure segmentation;

industry key trends;

industry Life Cycle;

industry Geographic Breakdown;

industry Key Success Factors;

industry Key statistics for previous years;

forecast of industry Key statistics for the next 5 years;

Reference Wordlist

BARRIERS TO ENTRY
High barriers to entry mean that new companies struggle to enter an industry, while low barriers mean it is easy for new companies to enter an industry.

CAPITAL INTENSITY
Compares the amount of money spent on capital (plant, machinery and equipment) with that spent on labor.
IBISWorld uses the ratio of depreciation to wages as a proxy for capital intensity. High capital intensity is more than $0.333 of capital to $1 of labor; medium is $0.125 to $0.333 of capital to $1 of labor; low is less than $0.125 of capital for every $1 of labor.

CONSTANT PRICES
The dollar figures in the Key Statistics table, including forecasts, are adjusted for inflation using the current year (i.e. year published) as the base year. This removes the impact of changes in the purchasing power of the dollar, leaving only the "real" growth or decline in industry metrics. The inflation adjustments in IBISWorld’s reports are made using the US Bureau of Economic Analysis’ implicit GDP price deflator.

DOMESTIC DEMAND
Spending on industry goods and services within the United States, regardless of their country of origin. It is derived by adding imports to industry revenue, and then subtracting exports.

Colloquial Terminology

COMPUTER RESERVATION SYSTEMS (CRS)
Computerized systems used to store and retrieve information and conduct transactions related to travel.

REVENUE PER AVAILABLE ROOM (REVPAR)
A measurement that is calculated by multiplying a hotel's average daily room rate by its occupancy rate.

ROOM RATE
Actual published room tariffs.

Details

Over the past five years, rising external competition has increased pressure on many hotel and motel operators, leading to competitive room rates. While some operators have shifted to offer premium services and accommodations to increase their rates or diversify revenue streams, not all operators have been able to make this shift. This has hampered greater growth in industry profit. Additionally, the industry was significantly affected by the coronavirus pandemic. Although domestic leisure travel has rebounded strongly since 2020, both international and business travel remain significantly below pre-pandemic levels.

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