Jonathan Tisch

NEW YORK CITY—Travel and tourism are an $8 trillion market, approximately 10% of the world's GDP, and expected to increase by 44% in the next decade, said Jonathan Tisch, chairman and CEO of Loews Hotels & Co. He was addressing an audience at the 40th Annual NYU International Hospitality Industry Investment Conference.

But he warned, “Even though the global travel market is growing, the US share of the market fell nearly 13% over the past few years. That means we missed out on 7.4 million international visitors, $32 billion in lost spending at American destinations and businesses and 100,000 additional jobs.”

Tisch pointed to Visit US Coalition data that by contrast indicated other countries including China, Germany, Australia, the UK and Canada are experiencing a rise in tourism.

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Betsy Kim

Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.