The global luxury hotel market size was valued at USD 92.6 billion in 2020 and is expected to expand at a robust CAGR during the forecast period, 2021–2028. The growth of the market is attributed to wide expansion of tourism industry and rapid growth of corporate businesses associated with the hospitality industry in many locations across the globe. Moreover, rising disposable income, changing standard of life, and increasing inclination towards leisure travel among a large number of the global population present another key factors for the market expansion.
A luxury hotel offers a premium staying experience of customers by providing attractive services and facilities. As a means to attract tourists, hotels strive to provide a high level of comfort with ease facilities ranging from interior design and cuisine choices to expanded sorts of services such as spas, gyms, swimming pools, and laundry. Moreover, the luxury hotel are consistently sustained by lavish stays experience during family vacation by providing over-the-top facilities for high management executives during business visits.
The COVID-19 pandemic had resulted in tight lockdown regulations across countries throughout the world that affected several hospitality activities such as social gatherings and traveling. Several booked excursions had to be cancelled due to restriction of air travel as part of movement restriction to keep viral spread under control. These factors had negatively impacted market expansion.
The report on the global luxury hotel market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes | Details |
Report Title | Luxury Hotel Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year | 2020 |
Historic Data | 2018–2019 |
Forecast Period | 2021–2028 |
Segmentation | Types (Airport Hotels, Holiday Hotels, Resorts & Spas, Business Hotels, and Others) |
Regional Scope | Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
Report Coverage | Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered in the Report | Shangri-La International Hotel Management Ltd.; InterContinental Hotels Group; AccorHotels; Taj Hotels Palaces Resorts Safari; Four Seasons Hotels Limited; and Marriott International, Inc. |
On the basis of types, the luxury hotel market is segmented into airport hotels, holiday hotels, resorts & spas, business hotels, and others. The business hotels segment is projected to expand at a considerable CAGR during the forecast period owing to expansion of corporate-based hotels for various leisure stay. On the other hand, the resorts & spas segment is anticipated to account for a major market share during the forecast period as a rising inclination for leisure travel specifically intended to assist guests in relaxing and taking a break from their everyday routines.
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period as the region has been one of the most popular destination for tourists and visitors from all over the globe. However, the market of Europe is anticipated to expand at a rapid pace during the forecast period due to massive governments’ efforts to promote tourism in their countries and local communities by raising awareness of architectural or historical value of their monuments and architects.
The global luxury hotel market has been segmented on the basis of
Types
Regions
Key Players
Key players competing in the global luxury hotel market are Shangri-La International Hotel Management Ltd.; InterContinental Hotels Group; AccorHotels; Taj Hotels Palaces Resorts Safari; Four Seasons Hotels Limited; and Marriott International, Inc.
In March 2017, for example, AccorHotels established a strategic alliance with Rixos Hotels to extend its geographical footprint in Russia, Egypt, the United Arab Emirates, and Turkey. To increase their geographical presence, market players are constantly engaged in mergers and acquisitions and strategic alliances.
The global luxury hotel market has been segmented on the basis of
Types
Regions
Key Players
Key players competing in the global luxury hotel market are Shangri-La International Hotel Management Ltd.; InterContinental Hotels Group; AccorHotels; Taj Hotels Palaces Resorts Safari; Four Seasons Hotels Limited; and Marriott International, Inc.
In March 2017, for example, AccorHotels established a strategic alliance with Rixos Hotels to extend its geographical footprint in Russia, Egypt, the United Arab Emirates, and Turkey. To increase their geographical presence, market players are constantly engaged in mergers and acquisitions and strategic alliances.
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