The US hospitality real estate sector market size was USD 28.1 Billion in 2022 and is likely to reach USD 45.50 Billion by 2031, expanding at a CAGR of 5.5% during 2023–2031. The growth of the market is attributed to growing travel interests among the people.
US clenches vast number of visitors from all across the globe. The popular cities in the United States attains high visitors rate, and the developed nation procures increasing number of business meetings and gatherings couples with a high rate of travelers. Moreover, the holiday season allure enormous visitors around the world.
The US has a expanding number of visitors coming from all around the world Approximately 76.9 million people visited the United States in 2017. The largest number of travelers comes from Ireland, Brazil, Argentina and South Korea. International spending also increased in 2017 coupled with the total number of visitors.
The social media influencers and social networking sites are spreading awareness about the location by reviewing or visiting thus supplementing interest in travel among the youth, especially to the top destinations and most popular sites which is also creating great interest to visit that particular location. Online research and bookings, and platforms like Airbnb and other home-sharing platforms are gaining greater significance with the comforts they share like budget stay, etc. Travel has also become more affordable the US domestic airfares fell around 44 % (inflation-adjusted terms) from 1980 to 2016.
In order to lodge or accommodate the rising number of visitors, the investors are grasping the locations which consist of bigger and numerous stays. Several multinational companies are opting United States for their business seminars and consulting bodies for their business trips. The investors are investing more on those cities with high number of business trips than leisure as they attain lucrative opportunity for average occupancy rate and high revenue generated from those business trips. Los Angeles exceeded the list of construction projects in the pipeline followed by New York and Dallas.
Orlando, Florida observed the loftiest visitor number (75 million visitors) in 2018, followed by New York City, New York, and Chicago, Illinois. Theme parks like Walt Disney World and Universal Studios made Orlando number 1 city, beating New York which is the capital for finance and other business-related industries.
The Covid-19 pandemic had an unpleasant impact on the hospitality real estate sector in USA. The government imposed restrictions in travel and tourism. The market suffered significant loss; however, the government’s steps and strategies have helped to neutralised the situation. This pandemic has encouraged the key players to implement advance technologies to overcome these challenges and expand the market growth.
US Hospitality Real Estate Sector Market Trends, Drivers, Restraints, and Opportunities
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The rising standards of living, affordability to spend on an international trip, stressful lifestyles and the increasing number of working partners are the key factors estimated to drive the growth of international tourism.
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Innovation and construction of hotel and accommodation is projected to propel the market expansion of hospitality real estate sector in the United States in coming years.
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Shifting preferences in travelers, the amount they are willing to spend on their holiday, the diversity they are expecting from their accommodation are a few factors that are fueling the market.
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The government simplifying the rules and regulations to construct or to renovate the existing hotels is anticipated to drive the market growth.
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Stringent policies of the US government are likely to impede the market growth during the forecast period.
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R&D investment and technological advancement in hospitality real estate sector in USA are expected to offer lucrative opportunities for the market players.
Scope of US Hospitality Real Estate Sector Market Report
The report on the US hospitality real estate sector market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Hospitality Real Estate Sector in USA - Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Property Type (Hotels and Accommodation, Spas and Resorts, and Other Property Types)
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Wyndham Hotel Group, Choice Hotels International, Marriott International, Hilton Worldwide Holdings Inc and RLH Corporation
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US Hospitality Real Estate Sector Market Segment insights
The hotels and accommodation segment is projected to constitute a large market share
Based on product type, the hospitality real estate sector in US is segregated into hotels and accommodation, spas and resorts, and other property types. The hotels and accommodation segment is expected to account for a key share of the market during the forecast period owing to changing preferences in travelers, the amount they are willing to spend on their holiday, the diversity they are expecting from their accommodation. Furthermore, the government simplifying the rules and regulations to construct or to renovate the existing hotels is estimated to boost the market growth.
Segments
The market of hospitality real estate sector in US has been segmented on the basis of
Property Type
- Hotels and Accommodation
- Spas and Resorts
- Other Property Types
Key Companies
Competitive Landscape
Key players competing in the market of hospitality real estate sector in US include Wyndham Hotel Group, Choice Hotels International, Marriott International, Hilton Worldwide Holdings Inc and RLH Corporation.
Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares.
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