The guest house, or bed and breakfast, market is one of the fastest-growing segments of the hospitality industry. As the number of international travelers increases, more people are opting for cost-effective options such as a guest houses instead of traditional star-rated hotels. The hospitality market stood out with a revenue of USD 534 billion and is expected to hit USD 702.7 billion by 2021 with a CAGR of 4.4%. The guest house segment is forecast to reach revenues of USD 32.8 billion by 2021.
The US market for guest houses is worth $34 billion and is expected to grow at a CAGR of 6.2% over the next few years. Most bed and breakfast inns offer modern facilities including private bathrooms and internet access.
The current growth spurt in the guest house segment can be attributed to increasing consumer awareness via mobile listing services, which enable travelers to review guest houses online book their stays instantly
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