Hotel Industry Growth & Changes in the US: 2023-2024 (with Recruitment Impact)

02/16/2024 | H.M.S. Careers Inc |

Overall Growth:

  • Revenue: Expected to increase by 8.8% in 2024 compared to 2023 (AH&LA).
  • Occupancy: Projected to reach 64.7% in 2024, exceeding pre-pandemic levels (STR).
  • Average Daily Rate (ADR): Anticipated to grow by 5.1% in 2024 (STR).

User Expansion:

  • Domestic travel: Strong rebound, expected to exceed 2019 levels (AH&LA).
  • International travel: Slower recovery, but with significant growth potential (WTTC).
  • Millennials and Gen Z: Emerging as dominant travel demographics, with unique preferences (Statista).

Mergers & Acquisitions:

  • Increased activity expected in 2024, driven by consolidation and portfolio diversification (PwC).
  • Focus on boutique and lifestyle brands attracting significant interest (JLL).

Recruitment Arena:

  • Labor shortage: Major challenge despite increased hiring (AH&LA).
  • Talent competition: Fierce battle for qualified candidates, especially tech-savvy and bilingual professionals (JLL).
  • Wage pressure: Salaries rising to attract and retain talent (STR).
  • Focus on skills development: Training programs crucial to bridge skill gaps (AH&LA).
  • Recruitment agencies can assist you with all of your hard to fill needs for management and hourly. Contact [email protected]. HMS Careers Inc.

Additional Points:

  • Tech adoption: Increased use of automation and data analytics to improve efficiency and guest experience (PwC).
  • Sustainability: Growing demand for eco-friendly hotels, impacting hiring needs (HospitalityNet).
  • Bleisure travel: Blending business and leisure trips requires adaptable hotels and sales teams (Skift).

Overall, the US hotel industry is experiencing a strong rebound in 2024, but faces challenges like labor shortages and fierce competition. This requires a focus on innovative recruitment strategies, talent development, and adapting to changing guest preferences.

Sources:

Disclaimer: This information is based on publicly available data and forecasts, and actual results may vary.