Asia-Pacific Luxury Hotel Market Overview:
For the global Asia-Pacific Luxury Hotel market analysis, a research team conducted extensive primary and secondary research. Secondary research was conducted to supplement existing data, segment the market, calculate overall market size, and forecast market size and growth rate.
The growth of upper-middle-class and middle-class people in the Asia-Pacific area as well as rising living standards have made a substantial contribution to the market’s growth. As a result, major investments are being made in the area by international hotel brands to increase their presence. Hyatt Corporation, for example, announced plans to open 21 new luxury hotels across Asia Pacific in order to growth its presence in the region. Included in the new launch would be seven Park Hyatt locations, six Grand Hyatt hotels, six Andaz brands, and two Alila resorts. Additionally, the growing presence of local competitors, such as Banyan Tree, Shangri-La International Hotel Management, and The Oberoi, among others, would boost market growth.
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Asia-Pacific Luxury Hotel Market Scope:
The study employs PESTLE analysis to assess the advantages and disadvantages of major market participants. In order to forecast the market and provide investment advice, the researcher carefully examines the size, share, trend, total profit, total revenue, and profit margin of the Asia-Pacific Luxury Hotel market. Subject-matter experts advise on market changes.
The report includes information on the major market participants, in addition to data on capacity and production, price and cost information, company profiles, product images, specifications, and contact information. This report examines the Asia-Pacific Luxury Hotel market for trends, size, and value at the global, regional, and corporate levels. Using historical data and future projections, this study examines the global market for Asia-Pacific Luxury Hotel.
Asia-Pacific Luxury Hotel Market Segmentation:
To support the dominance of the upmarket segment, Premium services are provided at a discount according to room type. As the demand for low-cost luxury services rises, upmarket hotels are anticipated to experience increased business and gain a competitive edge. Depending on the type of lodging they select, visitors have a variety of options to choose from, all of varying quality. The hotel brands were given the following scores based on how satisfied guests were in each of their various categories. Players who provide resort services below the upscale and luxury sectors are utilising a variety of strategies, including partnerships and acquisitions, in an effort to increase their market share.
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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)
COVID-19 Impact on Asia-Pacific Luxury Hotel market:
The COVID-19 outbreak has had a significant impact on the Asia-Pacific Luxury Hotel market. Due to the global economic downturn and a labour shortage, the development of Asia-Pacific Luxury Hotel production facilities has been halted. The pandemic of COVID-19 has resulted in a significant and long-term decrease in production utilisation. Furthermore, travel restrictions and facility closures have hampered staff visits, limiting the growth of the Asia-Pacific Luxury Hotel market in 2020. However, given the high demand for Asia-Pacific Luxury Hotel, the market effects of COVID-19 are expected to be transient. The industry is expected to fully recover by early 2021.
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