US Luxury Hotel Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 73.10 Billion |
| Market Size (2029) | USD 93.83 Billion |
| CAGR (2024 - 2029) | 5.12 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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US Luxury Hotel Market Analysis
The United States Luxury Hotel Market size is estimated at USD 73.10 billion in 2024, and is expected to reach USD 93.83 billion by 2029, growing at a CAGR of 5.12% during the forecast period (2024-2029).
The United States has a booming luxury hotel business. The influx of international tourists and domestic tourist movements are anticipated to increase as there are a rising number of international sporting events, trade shows, and exhibitions. The expansion of the travel and tourist sector and shifting standards of living have fueled the market trends for luxury hotels to increase steadily.
The increased desire for luxurious stays with family or facilities offered for upper management executives during business tours supports the growth of the luxury hotel market in the United States. Also, the emergence of online booking services has accelerated market growth.
The increasing availability of lodging packages with deluxe rooms and high-end services attracted many guests to extend their stays, which boosted revenue generation. The rising adoption of advanced technology in offering facilities like free WiFi and intelligent bathrooms attracts guests. Therefore, these factors contribute to the market growth in the United States.
US Luxury Hotel Market Trends
Tourism Growth in United States is Driving the Market
Tourism growth in the United States plays a significant role in driving the luxury hotel market. Growing tourism in the United States leads to an increased number of travelers seeking accommodation. This surge in demand creates opportunities for luxury hotels to attract visitors who are willing to spend more for premium experiences and amenities.
Tourism growth directly contributes to the revenue generated by luxury hotels. With more visitors exploring the country, luxury hotels can capitalize on higher occupancy rates, room rates, and increased spending on additional services such as dining, spa treatments, and exclusive experiences. Strong tourism growth can encourage hotel developers and investors to expand their luxury hotel portfolios. It can lead to the construction of new properties or the renovation and upgrading of existing ones to cater to the rising demand from travelers.
Number of Tourist in Luxury Hotels in United States Continues to Grow
The increasing number of Chinese tourists arriving in the United States is driving an expansion in the luxury hotel market. New data shows the United States will have 1,067 luxury hotels by the end of this year, and that number is expected to increase by 1.7 percent, to 1,123 properties, by 2023. Although the growth is not expansive, it points to a gradually increasing demand from international and domestic source markets. In addition, luxury hotels, such as Four Seasons, have indicated that China is their second-largest source market. Revenue from Chinese travelers has increased steadily for the hotel company, with double-digit growth in revenue in recent years.
US Luxury Hotel Industry Overview
The United States luxury hotel market is highly fragmented, with several companies competing against one another. However, mid-sized and smaller businesses are expanding their market presence by gaining new contracts and tapping into new markets thanks to technical improvements and product innovations. For exceptional products, the top brands are building exclusive boutiques. Major players such as JW Marriott, Rose Wood Hotel, Hyatt Corporation, Hilton Worldwide, Ritz-Carlton Hotel Company LLC, and others have a significant presence in the United States luxury hotel market.
US Luxury Hotel Market Leaders
JW Marriott
Rose Wood Hotel
Hyatt Corporation
Hilton Worldwide
Ritz-Carlton Hotel Company LLC
*Disclaimer: Major Players sorted in no particular order
US Luxury Hotel Market News
- In January 2024, A 20-year partnership has been established between Marriott and MGM Resorts. The Marriott brand now includes 17 MGM properties in the US, including those in Las Vegas. As per the agreement, MGM's and Marriott's sales channels can be used to make property reservations.
- In June 2023, Hyatt Corporation announced that the World of Hyatt loyalty program has successfully merged the Dream Hotels brand, The Chatwal, The Time New York, and Unscripted properties. Members and visitors can now book these properties through Hyatt channels, giving them access to more stay options and lifestyle experiences.
US Luxury Hotel Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of Study
2. RESEARCH METHODOLOGY
3. EXCEUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Trend of Availing Luxurious Lifestyle While Travelling
4.3 Market Restraints/ Challenges
4.3.1 Changing Consumer Preferences
4.3.2 Rising Operational Costs
4.4 Market Opportunities
4.4.1 Targeting Niche Markets
4.4.2 Technological Advancements
4.5 Porter Five Forces
4.5.1 Threat of new Entrants
4.5.2 Bargaining Power of Buyers/ Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Service Type
5.1.1 Business Hotels
5.1.2 Airport Hotels
5.1.3 Suite Hotel
5.1.4 Resorts
5.1.5 Other Service Hotels
5.2 By Theme
5.2.1 Heritage
5.2.2 Contemporary
5.2.3 Modern
5.2.4 Others
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Rencho Valnecia Resort
6.2.2 Cavallo Point
6.2.3 JW Mariott
6.2.4 Long Beach Lodge Resort
6.2.5 The Mark Hotel
6.2.6 Nimmo Bay, Great Bear Rainforest
6.2.7 Brooklyn Bridge Hotel
6.2.8 Mayflower Inn and Spa
6.2.9 The St. Ragis
6.2.10 Hyatt Group*
- *List Not Exhaustive
7. MARKET FUTURE TRENDS
8. DISCLAIMER
9. ABOUT US
US Luxury Hotel Industry Segmentation
A luxury hotel is known as a “hotel that provides its guests with a high-end lodging experience.” Luxury hotels are often frequented by affluent guests and are expected to provide high-end services and quality food.
The United States luxury hotel market is segmented by service type, by theme. The market by service type is further segmented into business hotel, airport hotel, suite hotel, resort & spa, and other service hotels. The market by theme is further segmented into heritage, contemporary, modern, and others. The report offers market size and forecasts for the United States luxury hotel market in value (USD) for all the above segments.
| By Service Type | |
| Business Hotels | |
| Airport Hotels | |
| Suite Hotel | |
| Resorts | |
| Other Service Hotels |
| By Theme | |
| Heritage | |
| Contemporary | |
| Modern | |
| Others |
US Luxury Hotel Market Research FAQs
How big is the United States Luxury Hotel Market?
The United States Luxury Hotel Market size is expected to reach USD 73.10 billion in 2024 and grow at a CAGR of 5.12% to reach USD 93.83 billion by 2029.
What is the current United States Luxury Hotel Market size?
In 2024, the United States Luxury Hotel Market size is expected to reach USD 73.10 billion.
Who are the key players in United States Luxury Hotel Market?
JW Marriott, Rose Wood Hotel, Hyatt Corporation, Hilton Worldwide and Ritz-Carlton Hotel Company LLC are the major companies operating in the United States Luxury Hotel Market.
What years does this United States Luxury Hotel Market cover, and what was the market size in 2023?
In 2023, the United States Luxury Hotel Market size was estimated at USD 69.36 billion. The report covers the United States Luxury Hotel Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the United States Luxury Hotel Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
US Luxury Hotel Industry Report
Statistics for the 2023 US Luxury Hotel market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. US Luxury Hotel analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
