When the hospitality industry is discussed, there are no small numbers. Since the topic is about the entire hotel business, usually it involves hundreds of millions of people and billions and billions of dollars. To get a better idea of the real scale of the hospitality industry, here are a few facts and figures.
Image source: flickr.com
As far as hotels and resorts go, over 700,000 are operating globally. Among these 700,000 hotels and resorts, there more than 15.5 million rooms and quarters.
In the U.S. alone, there are already 5 million plus rooms spread amongst 53,000 hotels, resorts, motels, and other similar structures. At any given point in time, around 2 million are vacant, while the rest are occupied. On an average, guests pay around $120 for a night. That’s around $5 to $15 more than the average hotel room in most countries.
The most upscale hotel rooms in the U.S., though, are much more expensive. They can be found in New York City. The cheapest rooms at most expensive hotels here fetch around $1000 a night. And this doesn’t even take into consideration exclusive island resorts that cater to a very select few.
Image source: discoverlosangeles.com
Only a few hotels in Europe and the Middle East charge more than that.
Alan Naul is the founder of the Javelin Group, LLC, a company that aids those who plan to invest in commercial real estate. Learn more about Naul, Javelin, and the work they do by checking out this website.