Hotels & Motels in Illinois
While highly susceptible to broad changes in domestic travel and consumer spending, the Hotels and Motels industry in Illinois has experienced robust growth over the five years to 2017. Thanks to increases in travel spending, corporate profit and consumer spending, industry revenue has grown every year of the period. As a result, the Hotels and Motels industry in Illinois has outperformed the broader state economy over the past five years, driven by high demand from domestic leisure and business travelers. Over the five years to 2022, IBISWorld projects that the industry will continue expanding, with particularly strong growth in the extended-stay hotels, boutique hotels, spa and health retreats and resorts segments. Though continued expansion may somewhat detract from revenue by way of oversupply, continued increases in domestic tourism, coupled with a greater number of conventions and business meetings are anticipated to translate into higher growth prospects for industry operators.
Operators in this industry provide short-term lodging in hotels, motor hotels (motels) and resort hotels. Establishments may also offer food and beverage services; recreational services; conference room and convention services; laundry services; parking; and other services. This industry excludes hotels that have casino facilities attached.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.