The nation’s largest hotel-condo business is taking off.
The National Hotel Association said Thursday that the nation’s 4,000 largest hotels are now offering a range of car storage and car garage services, including leasing cars and car storage units.
The industry has also jumped in the race to get more cars off the road.
The industry grew to $2.4 trillion in 2016 from $1.8 trillion in 2013.
The nation’s biggest hotel-casinos are now the most popular car-storage and car-hailing services.
The four largest hotels, all located in New York, are leasing out 2,500 vehicles a day for about $1,500 per day.
These include luxury hotels, high-end resorts and condominiums.
The largest number of vehicles leased per day has increased from about 600 to about 1,200 vehicles a week.
The number of luxury hotel vehicles leased has increased more than 60 percent.
The Association expects the industry to grow to $5.3 trillion by 2020.
That includes more than $1 trillion in new business, and about $500 billion in annual vehicle costs, the association said.
The association said its members are also investing $1 billion annually in new technology to enhance their car-sharing and car service offerings.
The American Hotel and Lodging Association has grown from $300 million in 2010 to $1 million today.
The Association also says it has more than 1,500 car rental companies in more than 50 states.