The United States Luxury Hotel Market is projected to register a CAGR more than 9% during the forecast period (2021-2026).
The market was negatively impacted by COVID-19 in 2020. Occupancy is recorded to be 39.8% year earnings in 2020 and 52.0% in 2021 , ADR rose from USD 103.71 in 2020 and USD 109.56 in 2021 resulting in RevPAR yearly earnings of USD 41.31 in 2020 and USD 56.95 in 2021. The coronavirus pandemic has shown an impact on the proper functioning of various industries in various regions of United States. It affected United States Market, Luxury Hotel Market, Hotel industry very badly. This was primarily due to reduced travelling because of lockdown being imposed and thus halt in logistics and tourism. The report study has analyzed revenue impact of COVID -19 pandemic on the sales revenue of market leaders, market followers and market disrupters in the report and its analysis.
Luxury Hotel industry in United States is a flourishing sector. An increasing international sports events, trade fairs and exhibitions are expected to contribute inflows of international tourists and domestic tourist movement. The rise in the travel and tourism industry and changing patterns in the standard of living have led to progressive growth in the luxury hotel market trends.
The demand for luxury hotels 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 the booming service sector are expected to drive the market. The inflation in purchasing power and standard of living are some of the key constituents responsible for attracting customers toward luxury resorts. Hosting sports events by a city or country is also a significant factor propelling the demand for luxury accommodations. Sports teams, as well as spectators traveling from different destinations for the tournament, tend to book their stays in luxury hotels, leading to a surge in the number of bookings. Dominant players in the market are investing profoundly in infrastructure and upgrading their property with the latest accessories to enhance aesthetics and the overall comfort offered to customers. The business hotel segment is leading and is expected to dominate the market.
Key Market Trends
Tourism Growth in United States
The United States is one of the most popular travel destinations worldwide. Every year, the country's famous cities, national parks, and entertainment options attract millions of visitors from around the globe. In 2019, the number of international tourists to U.S. flocking from Mexico, Canada, UK, Japan, and China stood at almost 80 million after being on the rise for over a decade with annual growth of 35% along with 2.29 Billion Domestic tips as Staycation has become very attractive and trendy with growth of 2% year to date, which is enormous considering that domestic travel spend was worth USD 932.7 Billion with the top US vacation destinations being cities such as New York, Miami, LA, Orlando, San Francisco, and Las Vegas.
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 1.7 percent, to 1,123 properties, by 2022. 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.
The report covers major international players operating in the United States Luxury Hotel Market. In terms of market share, few of the major players currently dominate the market. However, with technological advancements and product innovations, mid-size to smaller companies is increasing their market presence by securing new contracts and tapping into new markets. The leading brands are opening exclusive stores for special products. The companies are also promoting, differentiating and selling limited editions to increase their visibility and brand awareness in the market.
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Table of Contents
1.2 Scope of Study
4.2 Market Drivers
4.3 Market Restraints/ Challenges
4.4 Value Chain/ Supply Chain Analysis
4.5 Porters Five Forces Analysis
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 Insights on Consumer Buying Behaviour in United States Luxury Hotel Market
4.7 Insights on Governmental Regulations in United States Luxury Hotel Market
4.8 Insights on Technological Disruption in the United States Luxury Hotel Market
4.9 Impact of Covid-19 on the Market
5.1.1 Business Hotels
5.1.2 Airport Hotels
5.1.3 Suite Hotel
5.1.5 Other Service Hotels
5.2 By Theme
5.3 By Distribution Channel
5.3.1 Online Reservation
5.3.2 Offline Reservation
6.2 Company Profiles
6.2.1 Rencho Valnecia Resort
6.2.2 Mandarin Oriental New York
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
A selection of companies mentioned in this report includes:
- Rencho Valnecia Resort
- Mandarin Oriental New York
- JW Mariott
- Long Beach Lodge Resort
- The Mark Hotel
- Nimmo Bay, Great Bear Rainforest
- Brooklyn Bridge Hotel
- Mayflower Inn and Spa
- The St. Ragis
- Hyatt Group