GVR Report cover U.S. Hotels, Resorts, And Cruise Lines Market Size, Share & Trends Report

U.S. Hotels, Resorts, And Cruise Lines Market Size, Share & Trends Analysis Report By Type (Hotel, Resorts, Cruise), By Region, And Segment Forecasts, 2022 - 2030

  • Report ID: GVR-2-68038-079-8
  • Number of Pages: 45
  • Format: Electronic (PDF)

Report Overview

The U.S. hotels, resorts, and cruise lines market size was valued at USD 218.50 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 9.3% from 2022 to 2030. The growth in the tourism and travel business in the U.S. is driving the demand. In 2020, the hotel sector had its worst year on record, with historically low occupancy, enormous job losses, and hotel closures across the country. According to the American Hotel and Lodging Association, with travel demand remaining below normal, national and state predictions for 2022 show a slow return for the industry in terms of hotel occupancy in the U.S.

 U.S. Hotels, Resorts And Cruise Lines Market size, by type, 2020 - 2030 (USD Billion)

According to the Hotel Data Conference Global Edition 2021, hotel occupancy in Florida was among the highest in the country in 2021, exceeding the national average of 48.1%. As a result, hotel occupancy in the U.S. has been steadily increasing since late January 2021, when it reached a new epidemic high of 58.9%. Even after accounting for temporarily closed hotels due to the pandemic, the occupancy rate was 55.7%. Furthermore, according to the AHLA's state of the hotel industry 2021 report, leisure travel is projected to rebound first, with consumers confident about national vaccination distribution and their ability to travel again in 2021.

At the same time, business travel, which accounts for the majority of hotel revenue, has remained almost non-existent, though it picked up in the second half of 2021. During the forecast period, these factors are expected to drive the demand for hotels and resorts in the U.S. Furthermore, Carnival Corp, the world's largest cruise line, announced in June 2021, that the demand across its nine cruise lines is growing and that Americans are eager to get back on the ocean. The company reported that booking volumes for future cruises were 45% higher in the second quarter of 2021 than in the first quarter. It also stated that due to pent-up demand, pre-bookings for 2022 were greater than in 2019.

Whereas demand declined in the third quarter of 2021, the slowness is caused by delta variants of the virus, as well as older clients, including fully vaccinated passengers who are worried about COVID-19, and families impacted by cruise operators only taking fully vaccinated passengers over the age of 12. The pandemic forced hotels to reduce staff sizes and ask employees to take up new responsibilities. This has been difficult for urban hotels, which are key employers due to their greater average property size. As the urban and airport hotels have seen deplorably low occupancy rates that are well below the national average, a meaningful increase in hotel employment may not occur until group and business travel resumes in the coming years.

Furthermore, according to AHLA'S state of the hotel industry 2021 report, the number of jobs is expected to increase somewhat in 2022 compared to 2021, but overall direct hotel employees will be 184,092 fewer than in 2019. Moreover, it is unlikely that the industry will reach 2019 employment levels until at least 2023.

Type Insights

The hotel segment of the U.S. hotels, resorts, and cruise lines market accounted for the largest revenue share of around 90% in 2021. As travel and tourism levels have been fluctuating since March 2020, the hotel and cruise operators are waiting for group and business travel to start at the same capacity as in 2019. The COVID-19 pandemic has presented an excellent opportunity for the hotel industry to engage in innovative contactless technology solutions, given all of the current obstacles and constraints. Customers have shown a strong interest in technology such as contactless payments, digital messaging, self-service check-in, and smartphone-activated room keys in recent years, in addition to online booking systems.

 U.S. Hotels, Resorts And Cruise Lines Market share, by type, 2021 (%)

The cruise companies stated they were expecting pent-up demand in the second quarter of 2021, but that demand dropped down after a few months. Several businesses have incurred significant costs as a result of the pandemic, causing them to reduce their occupancy and employees. Due to cruise restart-related expenses, Norwegian Cruise estimates its monthly cash burn to climb to around USD 285 billion in the third quarter, up from around USD 200 billion on average in the second quarter. Similarly, the CEO of Carnival Corp stated that the company had sold 19 ships during the pandemic, reducing its total capacity by 13%, but that the company was buying more ships and would grow its capacity by around 2.5% through 2025.

Key Companies & Market Share Insights

The market includes both international and domestic participants. Key market players focus on strategies such as innovation and new product launches to enhance their portfolio offering in the market. In July 2021, Carnival Corp announced that their new ship, the Mardi Gras, would set sail from Port Canaveral to the eastern and western Caribbean. The ship is the first in the world to feature a rollercoaster on board, as well as the first in North America to be fueled by liquefied natural gas, according to Carnival Corp. Some prominent players operating in the U.S. hotels, resorts, and cruise lines market include:

  • Marriott International, Inc.

  • Wyndham Hotel Group, LLC.

  • Hilton

  • Choice Hotels International, Inc.

  • IHG

  • Best Western Hotels & Resorts.

  • G6 Hospitality LLC.

  • American Cruise Lines

  • Carnival Corp

  • AIDA Cruises

U.S. Hotels, Resorts, And Cruise Lines Market Report Scope

               Report Attribute

                                      Details

Market size value in 2022

USD 262.5 billion

Revenue forecast in 2030

USD 488.1 billion

Growth rate

CAGR of 9.3% from 2022 to 2030

Base year for estimation

2021

Historical data

2017 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD Billion and CAGR from 2022 to 2030

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Type

Country scope

U.S.

Key companies profiled

Marriott International, Inc.; Wyndham Hotel Group, LLC.; Hilton; Choice Hotels International, Inc.; IHG; Best Western Hotels & Resorts.; G6 Hospitality LLC.; American Cruise Lines; Carnival Corp; AIDA Cruises

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

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Avail customized purchase options to meet your exact research needs. Explore purchase options

 

Segments Covered in the Report

This report forecasts revenue growth at the country level and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the U.S. hotels, resorts, and cruise lines market report based on type:

  • Type Outlook (Revenue, USD Billion, 2017 - 2030)

    • Hotels

    • Resorts

    • Cruise

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