Mexico’s tourism industry will continue its post-pandemic recovery in 2024. It will contribute 8.6% of the GDP to the country and employ over 4.9 millions people.
Tourist arrivals reached 27 million, with 22.3 million entering by air – 63% from the U.S. – underscoring Mexico’s continued appeal to international travelers.
This comprehensive market study outlines the main trends, growth segments, and challenges for Mexico’s hospitality sector as of 2024 and forecasts into 2025–2028.
Overview of the Industry and its Economic Impact
- Tourism GDP ContributionTourism will account for approximately 12% of GDP in 2023. Mexico’s GDP is 8.6%It returned to pre-pandemic level. The company employed more than 4.94 million people. Employment in the United States is 9.2%……………? 51% The sector.
- ResilienceThe data reflect a full recovery following COVID-19. It also highlights tourism as a Core economic engine For regional development and national expansion.
Inventory and Growth
- Hotel Count (2024)Up to 26,911 Hotels 1.5% After 2023,
- Room InventoryUp to 899 389 rooms by 2024 1% The previous year.
- Geographic Concentration:
- Hotel Establishments54.1% of the population is located in 10 different states (e.g. Jalisco Oaxaca Quintana Roo).
- Rooms58.2% of the population in Mexico City and Baja California, as well as Quintana-Roo.
The following categories are available:
- Fastest Growing Segment: Three-star hotels (+3.5%) Lead growth
- Luxury HotelsGrowth in the 4- and 5-star category was 2.2%.
- 1 Star HotelsThe only category that can be used to Drop (-1.1%).
Boutique & Branded Residences Boom
- Boutique HotelsJalisco is the leader with 18%.
- Branded ResidencesDemand for : explosive growth driven by Luxury, exclusivity and brand trust. Notable developments include:
- Ritz-Carlton, Four Seasons, Armani. Mandarin Oriental across Mexico City, Los Cabos, Riviera Maya, and San Miguel de Allende.
- Fractional ownership The following are some examples of how to get started: Smart Home Integration Are defining characteristics.
Development Pipeline & Investment (2025–2028)
- Mexico leads Latin America You can also find out more about 248 hotel projects (38,104 rooms) under construction (10% YoY growth).
- Hyatt, Hilton, Marriott The top developers are listed below.
- Key destinations: Cancun, Tulum, Mexico City. San Miguel de Allende.
- It is important to note that the word “you” means “you”. Luxury and high-end classes dominate The construction pipeline.
Occupancy & Demand Trends
- Top performing Destinations in 2024:
- Playacar (87.3%), Akumal (79.2%)., Cabo San Lucas (76.9%).
- Best-Performing Category: Five-star hotels (average occupancy: 76%).
- Air & Land Arrivals:
- 27 Million Tourists In 2024,
- 2,3 million Air arrivals are mainly from USA (63,4%)Canada and Colombia follow.
- Cruise Sector: 2,759 ships (+4.3% YoY); Cozumel With 4.5 million passengers, it is the leader.
Infrastructure as a growth driver
Key projects boosting hotel development:
- Mayan Train: Will connect Cancun, Tulum, Bacalar, Mérida, etc., unlocking new eco-tourism zones.
- Tulum International AirportEnhances Riviera Cana’s connectivity.
- Nichupté Lagoon BridgeAccessibility for tourists within Cancun is improved.
- Guadalajara–Puerto Vallarta HighwayReduced travel times, stimulating growth of lesser-known coastal cities
- Transisthmian TrainCreate industrial and cultural tourism centers in Oaxaca, and Veracruz.
Challenges Ahead
Geopolitical & Economic Uncertainty
- Tariffs from U.S. Investor confidence and spending power of U.S. tourists may be affected.
- The Potential of Using Travel to the U.S. is declining Inflation, recession risk, and political tensions.
Security Concerns
- Continued issues with organized crime In some areas, perception of safety and security is affected.
- The sector has countered this through:
- Hotel security has been improved.
- Safety campaigns involving the public and private sectors.
- Promotion of “safe” destinations like Mérida.
Strategic Insights
- Diversification of the economy is essentialMexico must reduce its dependence upon U.S. visitors
- Luxury market Continues to outperform in terms of development and demand.
- Infrastructure investments You are a “Catalysts” New hotel development or repositioning for existing assets.
- Travel within the country and to nearby regions As a safeguard against global shocks, it will become increasingly important.
Download the complete document Mexico Hotel Market 2024 report.
Fabián Sánchez Managing Director, Mexico City, Mexico
Fabián Sánchez serves as the managing director of Horwath HTL Mexico, where he bears responsibility for the generation of new business leads and the guarantee of the timely and high-quality delivery of projects. Connect with Fabián on LinkedIn.
This article was originally published on Horwath HTL.
