There has been change in the preference of the customers due to which demand for leisure travel is on an increase among the travelers. The world has seen unmatched growth in the luxury hotel industry as there are countries where the standard of living of people is high. There are many luxury hotels, which provide the combination of historical elegance and modern comfort such as spa, pool, and fitness center. Another driver for the world luxury hotel market is the burgeoning travel and tourism industry especially in France, U.S., and Italy. The management of the hotels has come up with innovative ideas regarding the development of new types of rooms such as treetop rooms and underwater rooms. The rise in the lodging price is one of the restraints to the world luxury hotel market. The energy requirement of hotels is on a rise as the guests are given full control over the settings and air conditioning units and they adjust it accordingly without any concern, which is another restraining factor.
The report segments the world luxury hotel market on the basis of type and geography. On the basis of types, the world luxury hotel market can be classified into business hotels, airport hotels, suite hotels, resorts, and others. Based on region, it is analyzed across North America (U.S., Canada, and Mexico), Europe (France Germany, Italy, Spain, UK, and rest of Europe), Asia-Pacific (China, South Korea, Australia, Japan, India, and rest of Asia-Pacific), and LAMEA. Major key players operating in the market are Four Seasons Holdings Inc., Intercontinental Hotels Group, Marriott International Inc., Hyatt Corporation., ITC Hotels Limited, Shangri-La International Hotel Management Ltd., Jumeirah International LLC, The Indian Hotel Companies Limited, and others.
There has been emergence of new types of hotels, which has led to increase in number of travelers. There are various types of hotels such as Eco Hotel, Scattered Hotel, Tree House Hotel, Ice Hotel, Capsule Hotel, Yurt, and others. Every new hotel comes up with an innovative idea to attract customers. Sustainability is another factor which needs to be taken into consideration while opening up a new type of hotel. There should be introduction with a unique feature being added up to a new hotel or an existing one so as to grab attention of travelers. The table below shows the different types of hotels with different characteristics.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the luxury hotel market analysis from 2020 to 2031 to identify the prevailing luxury hotel market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the luxury hotel market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global luxury hotel market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Type
- Business Hotels
- Airport Hotels
- Suite Hotels
- Resorts
- Others
By Category
- Chain
- Independent
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- Italy
- Spain
- Rest of Europe
- United Kingdom
- Asia-Pacific
- India
- China
- Japan
- Thailand
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- UAE
- Rest of LAMEA
Key Market Players
- FOUR SEASONS HOLDINGS INC.
- INTERCONTINENTAL HOTELS GROUP
- MARRIOTT INTERNATIONAL INC.
- HYATT CORPORATION
- ITC HOTELS LIMITED
- SHANGRI-LA INTERNATIONAL HOTEL MANAGEMENT LTD
- JUMEIRAH INTERNATIONAL LLC
- THE INDIAN HOTEL COMPANIES LIMITED
- Jardine Matheson Holdings Ltd
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Table of Contents
Executive Summary
According to this report titled, 'Luxury Hotel Market,' the luxury hotel market was valued at $95,113.00 million in 2020, and is estimated to reach $160,481.23 million by 2031, growing at a CAGR of 5.1% from 2022 to 2031.Luxury hotels provide comfortable stay to tourist and travelers along with services such as spa, swimming pool, and fitness center. The market for luxury hotel has grown significantly in the past few years due to rise in the number of business travelers globally. Change in customer preference and upgradation in the services provided by hoteliers further boost the demand for luxury stays.
The global luxury hotel market is driven by rise in travel & tourism industry, increase in preference for leisure travel, and improved standard of living. However, premium price charged by such hotels restrains the luxury hotel market growth. Increasing leisure activities, rising demand for recreational stays, and innovative services during the stays are few of the factor emerging as the luxury hotel market trends.
Business hotels segment is expected to dominate the market throughout the analysis period, owing to huge consumer base, which includes business travelers, tour groups, and small conference groups which holds strong position in luxury hotel market share.
Airport hotels segment accounted for around ~25% share of the overall luxury hotel market revenue in 2021. These hotels usually target business clients, passengers with overnight travel or cancelled flights, and airline crews or staff.
The world luxury hotel market focuses mainly on the type and geographical segment. The luxury hotels type segment includes airport hotels, business hotels, suite hotels, resorts, and others (eco hotel and serviced apartment). Based on the category, the luxury hotel industry is analyzed by chain and independent nature of businesses. As far as the geographical segmentation is concerned, the world luxury hotel market is segmented into North America, Europe, Asia-Pacific, and LAMEA.
Key findings of the Study
- North America is projected to maintain its leading position throughout 2031, growing at a CAGR of 5.1% from 2022 - 2031.
- The business hotels segment occupied around ~40% of the total luxury hotel market size in 2021.
- The U.S. occupied four-fifths of the total North American luxury hotel market in 2021 while Mexico is expected to grow at the fastest rate, growing at a CAGR of 7% from 2022 to 2031.
- The major market players such as Four Seasons Holdings Inc., Intercontinental Hotels Group, Marriott International Inc., Hyatt Corporation., ITC Hotels Limited, Shangri-La International Hotel Management Ltd., and Jumeirah International LLC develop their product portfolios to strengthen their foothold in the market. The companies profiled in the report are Four Seasons Holdings Inc., Intercontinental Hotels Group, Marriott International Inc., Hyatt Corporation., ITC Hotels Limited, Shangri-La International Hotel Management Ltd., Jumeirah International LLC, and The Indian Hotel Companies Limited.
Companies Mentioned
- FOUR SEASONS HOLDINGS INC.
- INTERCONTINENTAL HOTELS GROUP
- MARRIOTT INTERNATIONAL INC.
- HYATT CORPORATION
- ITC HOTELS LIMITED
- SHANGRI-LA INTERNATIONAL HOTEL MANAGEMENT LTD
- JUMEIRAH INTERNATIONAL LLC
- THE INDIAN HOTEL COMPANIES LIMITED
- Jardine Matheson Holdings Ltd
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Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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