The Asia Pacific Luxury Hotel Market was valued at USD 23.17 billion in 2023 and is projected to grow at a CAGR of 9% over the forecast period.
Market Overview:
The market’s growth is largely driven by the expanding upper-middle-class and middle-class populations in the Asia-Pacific region, along with rising living standards. As a result, international hotel brands are making significant investments to enhance their presence. For instance, Hyatt Corporation has announced plans to launch 21 new luxury hotels across Asia Pacific, including seven Park Hyatt properties, six Grand Hyatt hotels, six Andaz brands, and two Alila resorts. Additionally, the rise of local competitors such as Banyan Tree, Shangri-La International Hotel Management, and The Oberoi is expected to further fuel market growth.
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Market Dynamics:
Asia-Pacific’s domestic hotel industry, led by China, is expanding rapidly, with the country set to open more luxury hotels in the near future. Despite uncertainty surrounding the speed of China’s post-COVID recovery, the market outlook remains positive. Australia ranks second in market growth, followed by India and Indonesia, with Thailand and Vietnam also showing strong growth potential. In fact, Vietnam’s luxury hotel market is expected to surpass that of many other APAC nations. While large international brands continue to drive growth, smaller chains and local developers are also offering compelling options. One of the region’s most significant upcoming projects is Vietnam’s Mui Dinh Eco-Resort, expected to open in early 2022, featuring 7,000 rooms, 500 villas, and a range of amenities such as an amusement park, casino, beach club, and mountain club.
Over the past decade, hotel room capacity in the Asia-Pacific region has surged by 91.5%, establishing the region as the fastest-growing tourist destination. The market is increasingly dominated by local chains like Shangri-La (Hong Kong), Southern Pacific (Sydney), and Prince Hotels (Japan), alongside international chains from Europe (Accor, Intercontinental) and the US (Holiday Inn, Hyatt International, ITT Sheraton). With its breathtaking landscapes and must-visit sites, the region has become a top destination for travelers, significantly boosting the tourism sector and contributing to the GDP of both developed and developing countries in the Asia-Pacific area.
Segment Analysis:
By Room Type:
The upmarket segment dominates the market by offering premium services at competitive prices. The growing demand for affordable luxury services is expected to boost business for upmarket hotels, giving them a competitive advantage. Guests have a wide range of options to choose from depending on their accommodation preferences. The performance of hotel brands is rated based on guest satisfaction across various categories. To capture more market share, companies offering resort services in the lower upscale and luxury segments are employing strategies like partnerships and acquisitions.
By Category:
Chain hotels dominate the market, as well-known hotel brands continue to strengthen their foothold. There is competition between chain hotels and independent providers across all segments, but chain hotels hold a significant portion of the market due to their prevalence in the region. Chain hotels are focused on expanding their reach and bolstering their presence in key growth areas across the Asia-Pacific region.
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Asia-Pacific Luxury Hotel Market Key Players:
Mandarin Oriental Hotel Group (Quarry Bay, Hong Kong)
The Indian Hotels Company Limited (Mumbai, India)
Shangri-La Asia Limited (Quarry Bay, Hong Kong)
Key questions answered in the Asia-Pacific Luxury Hotel Market are:
- What is Asia-Pacific Luxury Hotel?
- What was the Asia-Pacific Luxury Hotel market size in 2023?
- What is the growth rate of the Asia-Pacific Luxury Hotel Market?
- Which are the factors expected to drive the Asia-Pacific Luxury Hotel market growth?
- What are the different segments of the Asia-Pacific Luxury Hotel Market?
- What growth strategies are the players considering to increase their presence in Asia-Pacific Luxury Hotel?
- What are the upcoming industry applications and trends for the Asia-Pacific Luxury Hotel Market?
- What are the recent industry trends that can be implemented to generate additional revenue streams for the Asia-Pacific Luxury Hotel Market?
- What segments are covered in the Asia-Pacific Luxury Hotel Market?
- Who are the leading companies and what are their portfolios in Asia-Pacific Luxury Hotel Market?
- What segments are covered in the Asia-Pacific Luxury Hotel Market?
- Who are the key players in the Asia-Pacific Luxury Hotel market?
For a detailed overview of this study, click here:https://www.stellarmr.com/report/Asia-Pacific-Luxury-Hotel-Market/1250
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Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by Different Segment | 2024-2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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