Luxury Hotel Market Report:
According to IMARC Group latest report titled “Luxury Hotel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on luxury hotel industry size. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global luxury hotel market size reached US$ 104.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 137.1 Billion by 2028, exhibiting a growth rate (CAGR) of 4.5% during 2023-2028.
Luxury hotels represent the commercial establishments that offer high-end lodging experiences to guests, travelers, and tourists. They usually include airports, businesses, suite rooms, and resorts. Luxury hotels provide lavish services, such as swimming pools, spas, dine-in restaurants, salons, private beaches, fitness centers, etc. They also deliver smart planning and booking, convenient, fast, and discrete check-in and check-out, laundry, babysitting, dog walking, business centers, concierge assistance, etc. Luxury hotels usually have exclusive designer interiors created using state-of-the-art technologies. In addition, the rooms of these accommodations also have high-quality aesthetic art on floors, walls, roofs, and windows, flat-screen televisions (TVs), artisan toiletries, coffee makers, etc., to improve the experience of the guest.
Market Trends:
The expanding hospitality and tourism sectors are among the primary factors driving the luxury hotel market. Besides this, the changing lifestyle patterns, the escalating preference for weekend getaways and staycations across the working population, and the emerging trend of urbanization and digitization are further augmenting the market growth. Moreover, the development of innovative technology-assisted facilities, including contactless payments, mobile check-ins, voice control, and biometrics, that assist in enhancing the comfort and overall experience for the guests is also catalyzing the global market.
Apart from this, the inflating expenditure capacities of individuals and the introduction of eco-friendly hotels with sustainable practices are acting as significant growth-inducing factors. Additionally, the growing popularity of the weekend culture and the extensive investments by the leading players in upgrading the infrastructure to enhance the aesthetics and overall comfort of the customers are also stimulating market growth. Furthermore, the elevating collaborations of these accommodations with celebrities and social media influencers are anticipated to propel the luxury hotel market over the forecasted period.
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Accor
- Belmond Ltd.
- Four Seasons Hotels Limited
- Hyatt Hotels Corporation
- InterContinental Hotels Group plc
- ITC Limited
- Jumeirah International LLC
- Mandarin Oriental Hotel Group Limited
- Marriott International Inc
- Rosewood Hotels and Resorts L.L.C.
- Shangri-La International Hotel Management Ltd.
- The Indian Hotels Company Limited
Luxury Hotel Market Segmentation:
Our report has categorized the market based on region, type, room type and category.
Type:
- Business Hotels
- Airport Hotels
- Suite Hotels
- Resorts
- Others
Room Type:
- Luxury
- Upper-Upscale
- Upscale
Category:
- Chain
- Independent
Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: We are in the process of updating our reports. If you want to receive the latest research data covering the time period from 2023 to 2028, along with industry trends, market size, and competitive analysis, click on the request sample report. The team would be able to deliver the latest version of the report in a quick turnaround time.
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