Boston, MA -- (ReleaseWire) -- 02/26/2013 -- The North American region was adversely affected by the global economic crisis, which had a negative impact on the US hotel market. However, with improved economic conditions and a gradual recovery in tourist arrivals, demand rebounded and growth is anticipated over the forecast period. The government's commitment to diversify its economy through infrastructure development projects is driving the growth of the North American hotel market. Consequently, large investments are planned by both domestic and international hotel operators, some of which have already reached the construction phase. In 2011, the hotel market registered positive growth on all key performance metrics such as average daily rate, revenue per available room and occupancy. Although the outlook for the forecast period remains promising, revenue growth may be modest in the short term due to the prevailing economic uncertainty. The emerging middle classes in developing countries such as India, China and Brazil will contribute significantly towards tourism receipts in North America. Despite slow economic recovery, the region remains attractive to hotel investors seeking returns.
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- Hospitality is one of the largest industries in North America and in 2011, the hotels market registered US$161 billion in revenues, including both room and non-room revenues. The market constituted 70,412 hotel establishments with a room stock of 5.9 million. The US accounted for 83% of the total room stock, while Mexico and Canada accounted for respective shares of 9% and 8%.
- The North American region was adversely affected by the global economic crisis, which had a negative impact on the US hotel market. However, with improved economic conditions and a gradual recovery in tourist arrivals, demand rebounded and growth is anticipated over the forecast period.
- According to the United Nations World Tourism Organization (UNWTO), the North America region accounted for the largest number of inbound tourist arrivals in the Americas in 2011. The region accounted for a 10.3% share of international visitor arrivals and a 15.9% share of total inbound tourists to the Americas, yet registered nominal growth during the review period, from 107.8 million in 2007 to 116.9 million in 2011.
- The North American hotel market consists of around 70,412 hotels with combined revenues of US$161 billion in 2011. Barring any sudden economic or political changes, growth momentum in the North American hotel market will continue to increase.
- The US leads the global accommodation industry with over 30% of global room revenues generated in the country. Accommodation is one of the country's largest service industries and is among the ten leading industries in 48 of the 50 US states.
This report provides an extensive analysis related to tourism demands and flows in North America:
Companies Mentioned in this Report: Marriott International, Inc., Hilton Worldwide, Inc., Fairmont Raffles Hotels International Inc, Westmont Hospitality Group, Inc., InterContinental Hotels Group, Best Western International, Grupo Posadas, S.A.B. de C.V., Accor Mexico, Grupo Empresarial Angeles, SA de CV, Grupo Carso, SAB de CV
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