US and Caribbean Hotel Market 2018-2021. Growth Analysis by Country, Type, and Status

The luxury hotels industry is my passion and one of the major customer service industries globally. Growing travel and tourism industry is one of the key reasons behind the growth of luxury hotels industry. In order to meet the increasing demand for unique customer services, luxury hotels are constantly striving to improve their services by focusing on changing consumer preferences, new technologies impact and energy saving strategies.

The global Luxury Hotel market is valued at 171100 million USD in 2018 and is expected to reach 216.000 million USD by the end of 2023, growing at a CAGR of 4.0% between 2018 and 2023.

THE AMERICAS: HOTEL PROJECT PIPELINE BY COUNTRY
United States is the main market with 1069 hotel openings still in force, as a recent report by TopHotelProject states. And it is followed by Mexico (86), Brazil (47) and Canada (43).

USA - 1069 hotel openings | 6. CUBA - 23 hotel openings
2. MEXICO - 86 hotel openings | 7. PERU - 18 hotel openings
3. BRAZIL - 47 hotel openings | 8. COLOMBIA - 14 hotel openings
4. CANADA - 43 hotel openings | 9. DOMINICAN REP. -13 hotel openings
5. ARGENTINA - hotel openings | 10. COSTA RICA - 13 hotel openings

From my direct experience in Miami in 2018, I highlight NOBU and OD Miami hotel openings, so that new LOPESAN hotel in Dominican Republic with 1.000 rooms. Excellent projects and beautiful hotels. I also confirm that, besides US, Caribbean region will be an area with numerous opportunities in terms of Capex and refurbishment. We find several interesting hotel openings in Mexico, Cuba, Dominican Republic, and a few in Turk&Caicos and Virgin Islands, being 2019 the pick year for hotel openings (501).

NUMBER OF HOTEL OPENINGS IN THE AMERICAS

2018: 487 hotel openings (33%)

2019: 501 hotel openings (34%)

2020: 202 hotel openings (14%)

2021: 269 hotel openings (19%)

In America, 2019 is the year with the highest number of hotel openings

STAGE OF THE PROJECTS
Stage 1. VISION: 37 hotel projects (3%)
Stage 2. PRE-PLANNING: 183 hotel projects (13%)
Stage 3. PLANNING: 465 hotel projects (32%)
Stage 4. CONSTRUCTION: 615 hotel projects (42%)
Stage 5. PRE-OPENINGS: 159 hotel projects (10%)

Purchasing decision process can be extremely different depending on company profile. Global hotel chains use to work through hotel consultants, meanwhile in local hotels, decisions might be taken directly by the local investor.

In most of the spanish hotel chains such us MELIA, BARCELO, IBEROSTAR, RIU EXCELLENCE, PRINCESS, etc, all of them with a very strong presence in The Caribbean, the approvals and main purchasings are taken at the HQ in Spain. In US hotel chains such us HILTON, MARRIOTT or HYATT, hotel consultants play a key role in the prescription and hotel procurement along with the local developer.
Do not hesitate to contact me to speak further about hotel openings, FF&E or international sales and market development strategies.

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👉 Hector de Castro is an EMBA by top IE Business School, and hold two degrees in International Business Management and Marketing. +15 years making hospitality & FFE companies grow in The Caribbean, US, and Asia.
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