2.8Industry

Hospitality & Travel

Hotels, resorts, cruise lines, travel agencies, and related businesses providing lodging and travel experiences to leisure and business travelers.

8
Segments
34
Verticals

Overview

Hospitality & Travel spans hotels and lodging, casinos and gaming, cruise lines, resorts, travel agencies and tour operators, airport and travel services, vacation rentals, and event and wedding planning. It is a large, capital-intensive consumer sector tied closely to discretionary spending and the travel cycle.

The industry was hit harder than any other by the pandemic and has been recovering since, so 2017–22 growth understates the structural trajectory. Consolidation is steady across hotels and gaming, while platform disruption — online travel agencies and short-term rentals — has reshaped distribution and lodging.

Market snapshot

Market size
~$430B
Growth
~3.2%CAGR (2017–22, nominal)
Companies
~93,900
FragmentationFragmented

U.S. Census Bureau 2022 CBP/Economic Census across lodging (721xxx), gaming (713210/290), cruises (4831xx), and travel arrangement (561510-599, 4871xx). 2017–22 growth is muted by the pandemic's hit to travel.

Business model & economics

Revenue model
Room, gaming, fare, and booking-fee revenue
Recurring revenue
Low — transactional and trip-driven demand
EBITDA margin
Varies widely; brand/fee models outperform owned assets
Capex intensity
High
  • Discretionary, travel-cycle-sensitive demand.
  • Capital-intensive owned assets vs. capital-light brand/fee models.
  • Platform disruption reshaped distribution and lodging.

M&A deal context

Moderate deal activity

Who’s acquiring

Hotel & gaming operators and brandsPE-backed travel-services platformsLodging REITs and asset investors

What’s driving deals

  • Post-pandemic recovery driving deal activity.
  • Consolidation across hotels and gaming.
  • Platform disruption in OTAs and short-term rentals.

Segment classifications

Find Hospitality & Travel acquisition targets

Search Acquisera’s index for companies classified under Hospitality & Travel (2.8) and build a targeted deal pipeline.

Search companies