If you’re seeking a career with excellent growth potential that does not require a four-year degree, hotel management may be the answer for you.
Current Salaries
The following snapshot of hotel GM salaries was compiled by the executive recruitment staff at Horizon Hospitality:
- Select service hotels with under 200 rooms: $45,000 to $65,000 (median = $55,000)
- Full-service hotels with under 200 rooms: $63,000 to $84,500 (median = $72,000)
- Select service hotels with 200 to 349 rooms: $55,500 to $77,500 (median = $66,250)
- Full-service hotels with 200 to 349 rooms: $72,500 to $91,000 (median = $84,500)
- Full-service hotels with 350 to 749 rooms: $75,000 to $103,000 (median = $88,500)
- Full-service hotels with 750 or more rooms: $96,500 to $142,000 (median = $114,500)
According to the U.S. Bureau of Labor Statistics and several online pay-aggregating websites, these facts also apply:
- Percentage of hotel GMS earning more than $110,000 = 75
- Years of hospitality industry experience required to earn the highest hotel GM salary = 20
- Three US cities with highest hotel GM salaries: New York, Chicago and Miami
- Three states with highest hotel GM salaries: New York, Florida and California
- Three degrees with highest hotel GM salaries: BS Business, BA Hospitality Management and BA Business Management
- Average annual bonus earned by hotel GMS with five to nine years’ experience = $3,963
- Average annual bonus earned by hotel GMS with at least 20 years’ experience = $9,836
In lieu of a four-year degree, most positions require at least seven years of experience in the hospitality industry. But overall, hotel management offers some of the highest paying positions for the least amount of higher education.
A Growing Field
The labor statistics bureau reports that lodging managers – including hotel GMs – held 51,400 jobs in the US in 2010, a number forecasted to grow at least eight percent by 2020.
Make no mistake about it: It takes a person with drive, exceptional interpersonal and customer service skills, and 24/7 availability to pull it off. But outside of working in casino management, being a hotel general manager can be the best-paying job in the hospitality industry.
To learn more about your career path in hotel management or related opportunities, contact the team of experts at Horizon Hospitality today. If you are looking for hotel management recruiter, contact us today!