Feels like home: Domestic tourists will continue to take advantage of many of Virginia's destinations

The Hotels and Motels industry in Virginia has experienced steady growth over the five years to 2018. During the period, the number of domestic trips by US residents has increased an annualized 3.5%, which aided industry growth as domestic travelers make up over 80.0% of industry revenue. Many individuals travel to Virginia for leisure purposes, often staying at industry establishments in the North, East and Central regions of the state. These areas are the most populated regions of the state and offer tourism attractions such as beaches or access to a major city. According to data from Virginia Tourism Corporation (VTC) over 48.0% of trips to Virginia are for visiting friends or relatives, while 13.0% of trips are for entertainment and sightseeing purposes. An additional 8.0%...purchase to read more.

Industry Statistics & Market Size
Revenue
$6bn
Annual Growth 13-18
3.6%
Forecast Growth 18-23
Profit
Employment
46,155
Businesses
1,509

Industry Threats & Opportunities

  • Virginia’s economy as a whole has lagged behind the national economy
  • Industry Report - Industry Key Buyers Chapter

    • The top four players in the Hotels and Motels industry in Virginia account for an estimated 58.9% of industry revenue, giving the industry a moderate level of market share concentration.• Market share concentration has increased an annualized 8.7% over the five years to 2018, as the top operators continue to franchise and acquire other establishments in Virginia.• Despite increasing concentration, the industry remains highly fragmented as an estimated 59.9% of industry establishments have fewer than 20 employees...purchase to read more.

    Additional Insights for the Hotels & Motels in Virginia Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Hotels & Motels in Virginia Industry are

  • Access to multiskilled and flexible workforce
  • Being part of a franchising chain
  • Receiving the benefit of word-of-mouth recommendations
  • IBISWorld analysts also discuss how external factors such as Domestic trips by US residents and Consumer Confidence Index in the Hotels & Motels in Virginia industry impact industry performance..

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    What's in this report

    What is the Hotels & Motels in Virginia Industry?

    Operators in the Hotels and Motels industry in Virginia 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.

    Industry Products
  • Room or unit accommodation for travelers and others
  • Alcoholic beverages
  • Meals prepared for immediate consumption
  • Meals prepared for catered events
  • Industry Activities
  • Operating short-term hotels
  • Operating short-term motor hotels
  • Operating short-term resort hotels
  • Operating short-term motels
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Domestic trips by US residents
  • Consumer Confidence Index
  • Consumer spending in Virginia
  • Inbound trips by non-US residents
  • External competition for the Hotels and Motels Industry

  • Current Performance
    Industry Outlook
    Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Hotels & Motels in Virginia Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • International Airlines
  • Domestic Airlines
  • Travel Agencies
  • Tour Operators
  • Public Administration
  • Consumers

  • Key Selling Industries
  • Beef & Pork Wholesaling
  • Beer Wholesaling
  • Computer & Packaged Software Wholesaling
  • Dairy Wholesaling
  • Egg & Poultry Wholesaling
  • Fish & Seafood Wholesaling
  • Fruit & Vegetable Wholesaling
  • Furniture Stores
  • TV & Appliance Wholesaling
  • Wine & Spirits Wholesaling

  • Products & Services
  • Room or unit accommodation for travelers and others
  • Meals prepared for immediate consumption
  • Other
  • Meals prepared for catered events
  • Alcoholic beverages
  • Chart: Hotels & Motels in Virginia Industry Products and Services Segmentation

  • Major Markets
  • Domestic leisure travelers
  • Business travelers
  • International leisure travelers
  • Chart: Major Market Segmentation for the Hotels & Motels in Virginia Industry

  • Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Chart: Cost Structure Benchmarking – Sector vs Hotels & Motels in Virginia

  • Basis of Competition
    Barriers to Entry
    Marriott International Inc., Hilton Worldwide Holdings Inc., InterContinental Hotels Group PLC, Wyndham Destinations,
  • Table: Marriott International Inc. - financial performance
  • Table: Hilton Worldwide Holdings Inc. - financial performance
  • Table: InterContinental Hotels Group PLC - financial performance
  • Table: Wyndham Destinations - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Hotels & Motels in Virginia Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Hotels & Motels in Virginia Industry
    Includes:
  • Industry Revenue (2009-2023)
  • Establishments (2009-2023)
  • Businesses (2009-2023)
  • Employment (2009-2023)
  • Wages (2009-2023)
  • Domestic Trips by US Residents (2009-2023)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Computer Reservation Systems (Crs)
  • Computerized systems used to store and retrieve information and conduct transactions related to travel.
  • Revenue Per Available Room (Revpar)
  • A measurement that is calculated by multiplying a hotel's average daily room rate by its occupancy rate.
  • Room Rate
  • Actual published room tariffs.
  • What Our Customers Say

    Why buy this report?

    IBISWorld’s Hotels & Motels in Virginia Industry Research Report contains up-to-date data and analysis, allowing you to identify the strengths and potential weaknesses of major companies in the industry. Build your credibility with clients and prospects by sharing insights into the current and emerging trends driving their industry. Our market research gives you the tools to win new business and keep existing clients.

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Hotels & Motels in Virginia:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Hotels & Motels in Virginia market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Hotels & Motels in Virginia, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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