After facing its sharpest decline on record in 2020, U.S. travel spending rebounded sharply as pent-up demand drove consumers back to planes, cars, and hotels. According to the Bureau of Economic Analysis, consumer spending on domestic accommodations surpassed pre-pandemic levels in 2022 and reached record highs in both 2023 and 2024.
Amid this surge in demand, the number of hotel establishments nationwide continued to grow. While the industry experienced steep revenue losses during the pandemic, the total number of hotels remained relatively stable. Since then, hotel development has accelerated, with thousands of new properties opening across cities of all sizes. From major urban centers to smaller regional markets, many areas have…