Hotels & Motels in New York
While the Hotels and Motels industry in New York is highly susceptible to changes in the global economic environment, the industry 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 current period, as the economy improved and domestic and international travel rates increased. As a result, the Hotels and Motels industry has outperformed the broader economy over the past five years, driven by a combination of high demand from leisure and business travelers and international tourists. Over the five years to 2022, IBISWorld projects that the industry will continue expanding, albeit at a more moderate pace, with particularly strong growth in the extended-stay hotels, boutique hotels, spa and health retreats and resorts segments.
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.
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