Report: State of Hawaiʻi has highest earning hotel businesses in country
As the hospitality industry continues to recover from the COVID-19 pandemic, with the US market currently valued at a staggering $93 billion, new data reveals that Hawaiʻi has the highest-earning hotel businesses, according to the Hotel Tech Report, a global research platform for hotel technology.
HotelTechReport analyzed industry data for each US state, finding that Hawaiʻi hotel businesses make the most revenue overall, with each business raking in $25.8 million on average per year, the company press release said.
In Hawaii, there are just 277 hotel businesses, in comparison to California which has 11 times more with 5,825.
According to the data, Hawai’i hotel businesses make up .55% of the total businesses in the state. Hawaiʻi hotel businesses also employ 40,067 people, an average of 4,067 per company.
“As the US hotel market continues to skyrocket, it’s interesting to see the industry’s footprint in each state, and the differences across the country, from revenue through to number of employees,” state the company press release. “Hawaiʻi is a very popular destination with some of the world’s most luxurious resorts, so it’s fascinating to see the financial impact of the hotels in the state, which is even more impressive when compared to other major tourist destinations like New York and Florida.”
Washington, D.C., has the second-highest average revenue per hotel business at $21.6 million. The Nation’s Capital has 119 hotel businesses.
New York is third (2,314 hotel businesses averaging $6.3 million), followed by Florida in fourth (3,485 hotel businesses averaging nearly $6 million) and Massachusetts in sixth (794 hotel businesses averaging $5.6 million).
In case you were wondering what state’s hotel businesses make the least average revenue per year, it would be Montana, with 515 hotel businesses averaging $1.6 million).