With a projected value of $540 billion, the global hotel industry is thriving. Currently, there are a total of over 18 million rooms in more than 700,000 hotels worldwide. An increasingly significant number of these are situated in the LATAM region, as the most successful hotel companies look to expand their portfolios in this market. With 642 construction projects and 104,513 rooms underway as of Q3 2024, LATAM hotel industry growth is expected to keep pace for some time.
The players leading this recent development are known as the industry’s ‘big six’: Marriott International, Hilton Worldwide, Accor, IHG Hotels & Resorts, Wyndham Hotels & Resorts, and Hyatt Hotel Corporation. While there are other rapidly expanding companies vying for space in the region, such as Meliá Hotels International, these major players each boast an ever growing reach in the region through their large brand portfolios spanning many travel segments, from luxury to economy to the recently surging longer stay. Read on to explore each of these LATAM industry giants, their flagship brands, upcoming projects, revenues, and existing portfolios.
Marriott International
The largest hotel company in the world, Marriott International owns 40 brands ranging from luxury to longer stay. The company’s impressive portfolio includes household names Ritz Carlton, JW Marriott, Aloft, Residence Inn and more. With many luxury brands under its belt, Marriott is renowned for its premium destinations.
In addition to the 109,000 rooms gained in 2024, Marriott International reported strong growth in the Caribbean and LATAM region last year. Thirty properties were added to their LATAM portfolio, bringing the total to 500 in the region, with a further 183 hotels in the pipeline. Marriott are also increasing their all-inclusive offerings in the area, with the company reaching 36 such properties in 2024. This year, Ritz-Carlton opened Nekajui, its first ultra-luxury retreat in South America. Situated in Costa Rica, the 107 room resort boasts a 27,000 square foot spa and wellness area, in addition to a 250-acre sanctuary complete with guided wildlife hikes.
Hilton Worldwide
Founded in 1919, a century later Hilton is still one of the industry’s biggest players. Second to Marriott, Hilton has over 1 million keys in 7,000 properties spread across 122 countries. Its 24 brands appeal to a wide range of traveller segments, with Waldorf Astoria luxury residences, DoubleTree by Hilton upscale hotels, and budget-friendly accommodations Hampton by Hilton under its belt.
In 2024 the company saw significant development in the LATAM market, adding 64 properties to its near 280 total. Hilton expanded to five new countries and territories in the region including Paraguay, and boasted a pipeline of over 130 properties. 2025 will notably see the opening of the highly anticipated Waldorf Astoria Costa Rica Punta Cacique and Zemi Miches All-Inclusive Resort, in addition to the introduction of new brands. These include extended-stay brand Home2 Suites by Hilton will come to the region, while Spark by Hilton is set to improve the premium economy experience for guests in the Caribbean and Latin America.
Accor
Paris-based Accor is Europe’s largest hospitality group, bringing European flair to its vast spectrum of luxury and lifestyle brands. With over 40 brands under its name, Accor has the largest brand portfolio of its competitors. Its 5,500+ properties represent over 850,000 rooms spanning 110 countries. Accor generated record-high results in 2024, with earnings breaking the €1 billion mark for the second year in a row. Its vast brand portfolio allows Accor to offer one of the most diverse ranges of destinations and vacations for guests to choose from.
Accor is also growing its presence in the thriving Latin America market, particularly Brazil, with Benoît Racle, Global President of Premium Brands, recently discussing the importance of the region to Accor’s strategy. He stated: “Our concepts align closely with Latin culture, which values food, beverages and human connections.” The opening of Novotel Punta Sal Beach Resort last year was in line with this increased interest, and the new wellness-focused resort accounts for just one of nearly 400 hotels in LATAM countries. Accor’s ibis brand has recently expanded its reach in Argentina, with the 230 room ibis Ushuaia now one of the largest hotels in the local area.
IHG Hotels & Resorts
Intercontinental Hotels Group (IHG) has over 6,600 properties representing 980,000+ rooms spread across 100+ countries. Its 20 brands cater to a variety of traveller needs, ranging from luxury flagships like InterContinental Hotels & Resorts to midscale brand Holiday Inn Express, to small, individually owned boutique hotel brand Hotel Indigo. With six acclaimed brands that represent 22 percent of its global pipeline, IHG is one of the leaders in the luxury and lifestyle market.
IHG reported strong growth in 2024 with a total revenue of $4.92 billion. This growth will continue over the next few years, with over 320,000 rooms in the pipeline for this industry giant. 2024 also saw IHG delving further into the LATAM market, with 5 new openings and 32 properties in the regional pipeline. The company currently holds the largest luxury and lifestyle portfolio in the region, with 20 properties. Grenada’s new InterContinental Grenada Resort will add to that number this year, featuring 150 rooms and 6,000 square feet of meeting space. Moving forward, the Caribbean island of Turks and Caicos will see a boost from the presence of resorts from IHG brands InterContinental, Kimpton, and Hotel Indigo, set to be completed by 2027.
Wyndham Hotels & Resorts
With 24 brands in categories ranging from luxury to economy, Wyndham Hotels & Resorts caters to perhaps the widest range of travellers of the big six. Among the company’s flagship brands are Dolce Hotels & Resorts, Wyndham Grand, Howard Johnson, and more. Wyndham Hotels and Resorts boasts an astounding 9,000+ properties, the highest among its competitors, which represent over 810,000 rooms and are spread across 95 countries worldwide. After opening a company record 68,700 rooms in 2024 and ending the year with 252,000 rooms in the pipeline, also a company record, the future is bright for the hotel giant.
Two of Wyndham’s subsidiaries, Esplendor Boutique Hotels and Dazzler Hotels, are exclusive to the LATAM region, with hotels based in Mexico, Argentina, Paraguay, Peru and Uruguay bringing great success to Wyndham in 2024. Twenty three new hotels have added to a total of 44,000 rooms now open across the region, with some notable developments planned for the future. HQ Hotels, a promising new venture between SBE founder Sam Nazarian and Wyndham, is set to open a 100 room hotel in São Paulo. With the unnamed hotel planned for 2028, Wyndham is setting up a pipeline in the region for years to come.
Hyatt Hotel Corporation
Hyatt offers a large portfolio of more than 1,300 hotels and all-inclusive properties in 79 countries across six continents. The company’s portfolio includes 33 brands, ranging from the most budget properties like Hyatt Place and Hyatt House to ultra-luxurious choices like Park Hyatt, Thompson, Alila, and Andaz. In 2024, Hyatt launched 127 new hotels, including those acquired through the joint venture with Spanish group Grupo Piñero. Hyatt also currently has 720 hotels (approximately 138,000 rooms) in the pipeline.
In 2024, Hyatt announced a restructure for its Americas division. With this new organizational structure, Hyatt’s Americas region is now comprised of two subregions: U.S. & Canada and Latin America & the Caribbean (LAC). Hyatt also recently announced plans to acquire Playa Hotels & Resorts N.V, a leading owner and operator of all-inclusive resorts in Mexico, the Dominican Republic and Jamaica. These recent developments signal Hyatt’s intent to expand into the LATAM region, and the Hyatt Centric brand in particular is set for some particularly notable openings in 2025. These include Hyatt Centric San Juan Isla Verde, representing the brand’s first foray into Puerto Rico, and Hyatt Centric Querétaro, the second Hyatt Centric property in Mexico.
