5th Floor, Rajapushpa Summit
Nanakramguda Rd, Financial District, Gachibowli
Hyderabad, Telangana - 500008
India
The Luxury Hotel market is projected to grow at the rate of 4.7% during the forecast period 2018 to 2023. The rise in the travel & tourism industry and changing pattern in the standard of living have led to progressive growth in luxury hotel market trends. The demand for luxury hotel varies with the type of properties and is influenced by factors such as location, size, and on-site properties.
Rising disposable income, popularizing weekend culture, the introduction of low-cost airline services and booming service sector are expected to drive the market. According to JLL the movement of international travelers is expected to grow 4%, annually, over the next ten years, increasing the demand for the luxury hotel. As consumers are showing a keen interest in materializing their aspirations of luxury living are also growing is one of the critical factors which directly responsible for the growth of the luxury hotel industry market. Luxury travel has given birth to the luxury hotel with premium pricing. Nevertheless, the premium price charged by such hotels restrains the market development.
The North American region dominated the market, followed by Europe over the forecasted period. Expansion of the luxury hotel chains such as St Regis, The Ritz-Carlton Hotel Company, L.L.C., Four Seasons Hotels Limited, and Fairmont Hotels & Resorts will also contribute to the market's growth in the United States.
The business hotels segment is expected to dominate the luxury hotel market, followed by airport hotel throughout the forecast period. These hotels primarily serve business travelers; many tour groups, individual tourists, and small conference groups. Business hotel provides their guests with unified communication capabilities that enable the guests to conduct meetings, group discussions, and connect with associates around the world.
Global luxury travel market growth is influenced by the number of high nets worth individuals, in turn, driven by global economic development and the growth of luxury hotel in general.
Players have adopted acquisition, agreement, and partnership & mergers as their key strategies to increase their market share. For instance, in 2016, Marriott International acquired Starwood Hotels and Resorts Worldwide Inc. with an objective to become the world’s largest hotel chain; with more than 5,800 properties and 1.1 million rooms in more than 110 countries.
North America accounts for the largest share of the global luxury hotel market. Further, the US dominates the North America region owing to increasing purchasing power of consumers and the rising number of international as well as domestic tourists on business or leisure trips. It is also named as a global financial hub making the most popular tourist destinations for people across the globe. Rising tourism in Germany, Italy, France, and U.K. is believed to spur the demand for luxury hotels in the Europe region. On the other hand, Asia-Pacific is expected to grow at a tremendous rate over the forecast period
Major Key Players are ITC HOTELS, Marriott International Inc., Accor S.A., Belmond Ltd., Four Seasons Hotels Limited, InterContinental Hotels Group plc, Rosewood Hotels & Resorts, Ritz-Carlton Hotel Company, LLC, Hyatt Corporation, Shangri-La International Hotel Management Ltd., Aloeup, The Estée Lauder Companies Inc.
This report can be customized to meet your requirements. Please connect with our analyst, who will ensure you get a report that suits your needs.
5th Floor, Rajapushpa Summit
Nanakramguda Rd, Financial District, Gachibowli
Hyderabad, Telangana - 500008
India
+1 617-765-2493
We are always looking to hire talented individuals with equal and extraordinary proportions of industry expertise, problem solving ability and inclination.
Interested? Please email us
[email protected]© 2020. All Rights Reserved to Mordor Intelligence.