General Industry

The hotel industry is a significant contributor within regional economies and to the United States. economy. The hotel franchise industry has grown significantly in the last decade. In 2010, approximately 70% of hotels were franchises, but by 2019 that figure had increased to around 80%. Although the industry has experienced a decline of 9.9% in the past year due to the coronavirus pandemic limiting travel options, it is expected to bounce back quickly with the increase in travel after COVID-19 becomes less threatening, and the 108-billion-dollar industry has already made strides to improve its standing. The industry employs approximately 1.35 million throughout around 87,000 businesses in the United States alone.

Hotel Industry Trends

Entering a new decade, the Hotel Industry continues to change. From the increase in demand for unique experiences, to increased service and amenities options, hotels are constantly adapting to keep up with the times. With that said, the public is requesting several new types of hotel experiences, including (but not limited to) increased breakfast options, sustainability, value and convenience. The solution is for businesses in the industry to innovate together with the trends positioned by the consumers.