About Luxury Hotels
Luxury Hotels refers to a place that provides the customer with a luxurious accommodation experience. It provides better hospitality with a consistently superior quality of uniqueness and exclusivity. This gives a better experience and simply allows the guest to feel good. Emerging tourism and increasing standard of living is the key factor responsible for attracting customers towards luxury hotels. The ever-expanding fallout surrounding the coronavirus pandemic has led to a major impact on the hotel industry. There are dozens of the world’s most famous hotels are forced to cease their operations. While some closures are open-ended, others are expected to fix it by reopening dates. The hotel industry has also approached the U.S. government asking for relief in light of the unprecedented challenges brought on by the pandemic. A decline in travel and mass cancellations of major events have impacted the hotel industry worldwide and there has been a threat to those million jobs as well as working in this industry for a long time. It is also observed that the Marriott which is one of the top leading hotels, with 1.4 million rooms, has put tens of thousands of employees on furlough while shutting down numerous properties.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia-Pacific |
Unit | Value (USD Million) |
CAGR | 4.5% |
Analyst at AMA Research estimates that United States Vendors will contribute the maximum growth to Global Luxury Hotels market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Marriott International Inc. (United States), Wyndham Destinations (United States), Hilton Hotels & Resorts (United States), Hyatt Corporation (United States), Kerzner International Resort Inc. (United States), Radisson Hotel Group (United States), Accor Hotel (France), Four Seasons Holdings Inc. (Canada), Intercontinental Hotels Group (U.K.), Taj Hotels (India), ITC Hotels Limited (India) and The Indian Hotel Companies Limited (India) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Mandarin Oriental International Limited (Hong Kong), Jumeirah International LLC (Dubai) and Shangri-La International Hotel Management Ltd. (India).
Segmentation Overview
AMA Research has segmented the market of Global Luxury Hotels market by Type (Business Hotels, Airport Hotels, Holiday Hotels, Resort & Spas and Other (Suite Hotel, Service apartments, Casino hotels, conference and convention centers)), Application (Room, Food & Beverage, Spas and Others (Amenities, pool facilities, Welcome and Leaving gifts, Fancy transfer services)) and Region.
On the basis of Type, Business Hotel are dominating the market in the year 2023 where as Airport Hotel stood as second largest market share.
On the basis of application, Room segment is dominating the market in the year 2023On the basis of geography, the market of Luxury Hotels has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2023. Europe, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement.
Influencing Trend:
Inclination towards Luxurious Hotels among Consumers in Developing Countries and Rise in Preferences for Leisure Travel
Market Growth Drivers:
Growing Tourism and Corporate Industries across Various Regions, Increasing Demand for Luxury Hotels for Corporate Events and Corporate Stays and Advent to New Locations
Challenges:
Political Unrest in Various Countries Reducing the Tourist Traffics and Low Rate of Occupancy
Restraints:
Rise in Price of Lodging and High Attrition Rate in the Hospitality Sector
Opportunities:
New Innovations and Technology Advancement in Infrastructure and Facilities Provided, Emerging Market to Hold Great Potential for New Types of Luxury Hotels and Growing Demand for Budget Accommodation
Market Leaders and their expansionary development strategies
In January 2018, Marriott’s a multinational company purchased Starwood’s Hotel and resort. This has been one of the huge mergers in the hospitality industry that has significantly affected the landscape of the hotel world. In addition to this, in March 2017, Accor Hotels announced its strategic partnership with Rixos Hotels to expand its geographical footprint in various countries including Russia, Egypt, UAE, and Turkey.
In January 2024, ITC’s Hotel Group, one of India’s leading luxury hotel chains, is gearing up to launch its first international luxury hotel, which is coming up in Sri Lanka, within the next two months.
Key Target Audience
Manufacture, Providers, Suppliers and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.