The hotel industry plays a crucial role in the global economy by fostering economic growth, creating jobs, and contributing to local development. Due to its ability to stimulate economic growth, create jobs, and support local development, the hospitality industry is vital to the global economy. The top ten hotel chains are particularly noteworthy among the major participants because of their significant impact on travel, income, and innovation.
Establishing standards for customer experience and service quality, giants like Marriott International and Hilton Worldwide have shaped consumer expectations and redefined hospitality standards. In addition to facilitating international travel via their vast networks, these industry major companies embrace sustainability and technological innovations to meet current challenges.
Marriott International, the largest hotel company globally, generated $24.76 billion in revenue, securing a market share of 17.55% in the hospitality industry by the third quarter of 2024. The company owns or franchises nearly 8,800 properties in 139 countries and territories. Marriott's success is underpinned by its robust digital presence, including its Bonvoy mobile app and direct booking platforms. The company's development was greatly aided by these digital channels, as direct channels accounted for 38% of reservations, and the Bonvoy app drove a 22% increase in hotel nights over the prior year. Additionally, a key source of income is Marriott's Bonvoy reward program, which uses co-branded credit cards
MGM Resorts comes in second, with a revenue of $17.26 billion, and dominates the casino hotel segment, holding an estimated 17.6% market share in this industry. MGM operates 31 hotel and gaming destinations globally, including properties in the United States and China. Known for its luxury resorts like the MGM Grand and Bellagio, MGM has also expanded into online gaming and sports betting. Its strategic focus on diversifying revenue streams has strengthened its competitive position in the market. Mostly from its famous properties in Macao and Singapore, like Marina Bay Sands and The Venetian, Las Vegas Sands made $11.31 billion. Las Vegas Sands, which specializes in opulent and integrated resorts, is drawing affluent tourists and gamers.
Similarly, Hilton Worldwide, which runs over 7,500 locations worldwide, generated $11 billion in sales and has a 6.35% market share in Q3 2024. Its portfolio comprises midscale products like Hampton by Hilton, full-service options like Hilton Hotels, and premium brands like Waldorf Astoria. Hilton appeals to a wide spectrum of traveller demographics because of its varied portfolio of properties.
Wynn Resorts dominates the luxury market with $7.12 billion in revenue and a 6.29% market share. Wynn Resorts, which is well-known for its high-end hotels in Macau and Las Vegas, had the highest yearly occupancy rate of any major hotel chain in 2023, at an astounding 89%. With a market share of 8.38% and $6.7 billion in revenue, Hyatt Hotels manages more than 1,350 hotels across 78 countries. Hyatt's concentration on select service and luxury hotels has allowed it to serve a wide spectrum of tourists, especially in North America.
Genting Berhad reported $6.19 billion in revenue, driven largely by its Malaysian operations and gaming activities. Accor, the sixth-largest hotel company worldwide, earned $5.58 billion in revenue. With a significant presence in Europe and Asia-Pacific, the firm oversees 5,584 hotels in 110 countries. With 77 hotels totalling 42,000 rooms across the United States, Brazil, and Canada, Host Hotels & Resorts, a significant player in upscale properties, made $5.57 billion. Lastly, with a portfolio of more than 200 properties, mostly in the US, Hilton Grand Vacations, focusing on vacation ownership sales, made $4.71 billion.
Each company's approach to accommodating a range of visitor preferences is reflected in its portfolio of properties. Marriott International offers long-stay options like Residence Inn, premium options like Sheraton, and luxury brands like JW Marriott and St. Regis. Hilton Worldwide offers luxury and midscale properties, whereas MGM properties and Las Vegas Sands focus on luxury and integrated resorts. While Genting Berhad and Accor combine luxury and midscale lodging, Wynn Resorts and Hyatt Hotels concentrate on upmarket and select-service establishments. Hilton Grand Vacations focuses on timeshare resorts, while Host Hotels specializes in high-end establishments.
The average annual occupancy rates in 2023 reveal market-specific trends, with Wynn Resorts leading at 89%, followed by MGM Resorts and Las Vegas Sands at 85%. Hilton Grand Vacations achieved 75%, while Genting Berhad, Accor, Hilton Worldwide, and Hyatt Hotels averaged between 65% and 70%. Marriott International and Host Hotels & Resorts saw rates of approximately 63%, indicating a stable post-pandemic rebound.
The hotel and hospitality industry is constantly changing due to these businesses' dedication to innovation, sustainability, and strategic expansion. Their capacity to adjust to changing customer needs and market conditions makes them vital assets to global tourism and economic development.