Hotel industry sees significant growth in 2023

The hotel industry in the region rebounded strongly in 2023, with a significant increase in the number of hotels and budget accommodation, as well as a surge in revenue and profitability, according to the latest data from the Statistics and Census Bureau (DSEC).

The total number of hotel establishments, including hotels and economical accommodation options, grew by 12 year-on-year to 145 in 2023. This expansion was accompanied by a 27.8% increase in the total number of persons engaged, reaching 45,704.

With occupancy rates and guest numbers surging, hotel receipts skyrocketed 136.4% to a record MOP37.93 billion. Expenditures, excluding depreciation and interest payments, rose 41.1% to MOP29.84 billion.

The strong performance resulted in the hotel sector recording a gross surplus of MOP8.18 billion, reversing a deficit from 2022. The industry’s gross value added, a measure of its economic contribution, jumped 302% to MOP20.35 billion.

Among the 102 hotels operating in 2023, receipts from room sales, food and beverage provision, and space rentals all saw significant growth, rising by 242.9%, 175.6%, and 40%, respectively. Overall expenditures increased by 41%, with operating expenses, employee compensation, and purchases of goods and commissions paid showing notable increases.

Hotels of all star ratings saw increases in receipts and surplus. Five-star hotels recorded the highest growth in receipts at over 100% and a surplus of MOP5.88 billion. Economy accommodations also saw significant gains, with receipts up 301.6% and a surplus of MOP24 million. VC