U.S. Hotels, Resorts, and Cruise Lines Market Size, Share, Growth Analysis, By Type(Hotels, Resorts and Cruise), By Region - Industry Forecast 2024-2031

U.S. Hotels, Resorts, and Cruise Lines Market size was valued at USD 238.82 Billion in 2022 and is poised to grow from USD 261.03 billion in 2023 to USD 531.68  Billion by 2031, at a CAGR of 9.3 % during the forecast period (2024–2031).

The demand is being driven by the expansion of the American travel and tourism industries. With historically low occupancy, significant job losses, and hotel closures all throughout the country in 2020, the hotel industry suffered its worst year ever. According to the American Hotel and Lodging Association, national and state forecasts for 2022 indicate a delayed recovery for the industry in terms of hotel occupancy in the United States because travel demand is still below average.

Hotel occupancy in Florida was among the highest in the nation in 2021, beating the national average of 48.1%, according to the Hotel Data Conference Edition, 2021. Because of this, hotel occupancy in the U.S. has been rising gradually since late January 2021, when it increased to a record-breaking 58.9%. The occupancy rate was still 55.7% even after taking into account hotels that were temporarily closed because of the epidemic. In addition, leisure travel is anticipated to resume first, with consumers’ confidence in the nation's vaccine coverage and their capacity to travel once more in 2021, according to the AHLA's state of the hotel business 2021 study.

While demand decreased in the third quarter of 2021, the slowdown is due to delta virus variants, older clients, fully immunized travelers who are concerned about COVID-19, and families who are affected by cruise operators only accepting fully immunized passengers over the age of 12. Hotel staffing levels had to be cut back as a result of the pandemic, and new duties had to be assigned to employees. Due to their larger average property size and importance as major employment, metropolitan hotels have found this challenging. As the occupancy rates in urban and airport hotels have been appallingly low and much below the national average, a significant boost in hotel employment might not happen until group and business travel picks up again in the upcoming years.

Furthermore, the number of positions is anticipated to increase somewhat in 2022 compared to 2021, although overall direct hotel employees will be 184,092 fewer than in 2019. This is according to AHLA's State of the Hotel Industry 2021 study. Furthermore, it is doubtful that the sector's employment levels will match those of 2019 until at least 2023.