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Hotel Industry News |
Thursday November 20th, 2008 |
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Hotels and Accommodations - US - Mintel International Group Ltd. |
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This report covers hotels, defined as collective accommodation establishments providing lodging and usually meals, entertainment and various personal services for the public. The $131 billion hotels industry in the U.S. has rebounded after faltering in 2001 and 2002. Rises in occupancy have allowed hoteliers to raise rates in 2004 and 2005, resulting in approximately 8% growth in revenues per year since 2003. |
The rise in travel in the U.S. has helped to drive occupancy and, in turn, room rates. The number of overseas visitors to the U.S. grew in 2004 for the first time since 2000, resulting in an increased demand for rooms even as Americans continue to travel more as well. Census Bureau data indicates that the number of households with income levels over $75K grew by more than 15% during 1999-2004. This rise in households that are most likely to travel is a positive driver for a market that is seeing increasing prices for rooms.
A significant trend within the ranks of the major hotel chains is the move from property ownership to franchise and management. Many of the largest hotel chains have been selling properties, especially those in high-value real estate markets, but negotiating contracts to manage or franchise the properties that they have sold so as to ensure a long-term stream of revenue.
The outlook for hotel revenues is positive for 2006-11 as a continued rise in occupancy and rates is forecast as part of an overall growth pattern for the U.S. travel industry.
In this report, Mintel clearly identifies the principal external factors driving or curtailing growth. Exclusive consumer research reveals the attitudes, needs and behavior of consumers, with analysis broken down both by demographic characteristics, and by segment.
Six years of specific sales data provide a factual and impartial presentation of the market as a whole. Mintel also evaluates the performance of individual sectors in the market, and provides information about the major companies and brands. Using the SPSS forecasting package, Mintel creates a five-year forecast of U.S. retail sales, revealing potential opportunities for growth and product development.
This report contains US IRI InfoScan data.
The cost of the report is $2,995.00 and is available here.
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