Luxury hotels are defined as a hotel which offers a luxurious accommodation experience to the guest. These hotels typically accommodate high paying guests and the services and dining are expected to be of high quality. Luxury hotels offer various guest amenities like high-end spa treatments, personal trainers, laundry service and more.
The expansion of tourism industry in multiple regions across the world is a key driving factor which expected to boost the global luxury hotel market growth over the forecast period. The increase in disposable income and the increase in inclination towards the leisure travel among individuals are major driving factors expected to propel the global luxury hotel market growth. Furthermore, the increase in standard of living, the rise in weekend cultural engagement & the growing tourism promotional activities by luxurious hotels are some market boosting factors expected to contribute the market growth.
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Moreover, the rise in demand for opulence accommodations for various purposes including corporate events & corporate stay are expected to accelerate the demand for luxury hotels during this forecast period. Also, the growing economies of developing nations, the increase in hosting & organizations of various sports events like FIFA World Cup & Cricket World Cup by many countries are expected to drive the global market growth in the next few years. The growing family vacation trips, religious purpose trips & adventures trips across the globe will create opportunities for luxury hotels market growth.
The rise in terrorist threats and the increasing trend towards competitive pricing across the world as well as stringent rules associated with foreign direct investments are some restraining factors which expected to hamper the growth of global luxury hotel market throughout the period.
The Global Luxury Hotel Market is segmented into hotel type such as Airport Hotels, Suite Hotels, Business Hotels, and Resort & Spa Hotels. Also, the Global Luxury Hotel Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
The North America is anticipated to account for highest revenue share in the overall market during the forecast period. High availability of luxury hotels & tourism industries, the increase in preference for entertainment & adventure trips among individuals & high disposable income in countries like United State & Canada in the region are supporting growth of global luxury hotel market in this region. APAC is expected to witness a fastest growth in terms of revenue due to the increase in standard of living & disposable income in emerging economies like India, China, and other countries in the region.
Market Key Players
Various key operating players are listed in this report such as Four Seasons Holdings Inc., Intercontinental Hotels Group, The Indian Hotel Companies Limited, Jumeirah International LLC, Shangri-La International Hotel Management Ltd., ITC Hotels Limited, Hyatt Corporation, Marriott International Inc, etc.
By Hotel Type
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