Industry OverviewThe word ‘hotel’ covers establishments offering temporary lodging, including motels, inns, resorts and casinos, and sub-categories under these.Travel industry growth could not have happened without the expansion of the hotel industry. There are over 4.2 million hotel rooms in America, located in a wide variety of locations, from roadsides to major city ‘in-town’ locations. Chicago hotels and hotels in New York City can accommodate thousands of people per night who are there for business or tourism. Major cities count for 11 percent of hotel rooms nationwide. The revenue for today’s hotel business, as published by the American Hotel & Lodging Association (AH&LA), is approximately $103 billion.Industry TrendsWith competition high, innovation is a must in order for a hotel or hotel chain to be successful. Suite Hotels have gained success with business travelers because they provide not only an extra work space but other amenities designed for business travelers. They are also popular with families, providing room for all.Family travel has developed into big business for hotels. Hoteliers developed entertainment for the entire family, from large screen television sets in rooms to play areas for younger children and special clubs for teens. The Extended Stay hotel is a recent trend, designed for people who have indefinite stays in an area, generally for business. As diversification becomes the norm, with resort hotels becoming more popular, more travel industry related businesses and tour companies are creating packages with hoteliers. This means that the availability of hotel rooms for families, individuals and even corporate events (conferences and conventions) have special rates, making them more affordable.Branded HoteliersMany travelers prefer the name brands such as Hilton Hotels, Best Western, Wyndham, Marriott, Ritz Carlton and specialty names such as MGM and Wynn. Prices and services vary at each hotel.
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