Overview and Scope
A luxury hotel is a venue that offers a deluxe lodging experience to its guests, typically marked by upscale furnishings, extravagant touches, meticulous attention to aesthetic details, and outstanding service. These high-end establishments prioritize delivering an unforgettable experience for their guests, attending to their every need, and delighting them throughout their stay.
Sizing and Forecast
The luxury hotel market size has grown strongly in recent years. It will grow from $100.14 billion in 2023 to $106.78 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to economic growth and rising disposable income, increasing global tourism, cultural shift towards experiential travel, rise in business travel, brand differentiation and innovation, strategic location and destination appeal, cultural and heritage tourism trends..
The luxury hotel market size is expected to see strong growth in the next few years. It will grow to $131.49 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to continued economic prosperity, rising middle-class aspirations, sustainable and eco-friendly practices, health and wellness tourism, unique and authentic experiences, strategic partnerships and collaborations.. Major trends in the forecast period include emphasis on sustainable and eco-friendly practices, integration of smart hotel technologies, rise in wellness and health-centric offerings, customized experiences and personalization, culinary innovation and michelin-starred restaurants..
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Segmentation & Regional Insights
The luxury hotel market covered in this report is segmented –
1) By Type: Business Hotels, Airport Hotels, Suite Hotels, Resorts, Other Types
2) By Room Type: Luxury, Upper-Upscale, Upscale
3) By Category : Chain, Independent
North America was the largest region in the luxury hotel market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the luxury hotel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increase in travel and tourism is expected to propel the growth of the luxury hotel market going forward. Travel and tourism refer to the activities of individuals or groups traveling to and staying in places outside their usual environment for leisure, business, or other purposes. Luxury hotels are integral to the travel and tourism industry, offering personalized services, exquisite accommodations, and unique experiences that cater to the discerning traveler’s desire for comfort and exclusivity. For instance, in January 2023, according to the United Nations World Tourism Organization (UNWTO), a Spain-based intergovernmental organization, more than 900 million tourists traveled abroad in 2022, approximately double the amount recorded in 2021. Therefore, the increase in travel and tourism is driving the growth of the luxury hotel market.
Key Industry Players
Major companies operating in the luxury hotel market report are Jardine Matheson Holdings Ltd, Marriott International, Inc., Hilton Hotels & Resorts, Hyatt Hotels Corporation, W Hotels, Kempinski Hotels S.A., Host Hotels & Resorts, Inc., Accor SA, Four Seasons Hotel Limited, Ritz-Carlton Hotel Company LLC, Park Hotels & Resorts, Rosewood Hotel Group, InterContinental Hotel Group , Jumeirah International LLC, Radisson Hotels International Inc, Shangri-La International Hotel Management Ltd, Belmond Management Limited, The Peninsula Hotels, Aman Resorts, Mandarin Oriental Hotel Group Limited, Soneva, Banyan Tree Holdings, Six Senses, Oetker Collection, Aloft Hotels, Auberge Resorts, The Luxe Life Hotel, Fairmont Hotels & Resorts, Waldorf Astoria , The Oberoi Group</b
The luxury hotel market report table of contents includes:
1. Executive Summary
2. Luxury Hotel Market Characteristics
3. Luxury Hotel Market Trends And Strategies
4. Luxury Hotel Market – Macro Economic Scenario
5. Global Luxury Hotel Market Size and Growth
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32. Global Luxury Hotel Market Competitive Benchmarking
33. Global Luxury Hotel Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Luxury Hotel Market
35. Luxury Hotel Market Future Outlook and Potential Analysis
36. Appendix
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