Industry Background:
Luxury Hotels refers to hotels which provides customer with luxurious accommodation experience. It provides with better hospitality with consistent superior quality of uniqueness and exclusivity.The market is expected to grow significantly over the forecast period owing to increasing purchasing power of consumers and rising number of international as well as domestic tourists on business or leisure trips.According to AMA Research, the market for Luxury Hotel is expected to register a CAGR of 4.0% during the forecast period to 2026. This growth is primarily driven by Growing Tour & Travel and Corporate Industries across Various Regions, Increasing Demand for Luxury Hotels for Corporate Events and Corporate Stays and Advent to New Location.
Globally, a noticeable market trend is evident Inclination towards Luxurious Hotels among Consumers in Developing Countries
. The Hotels, Resorts & Cruise Lines sector in the North America region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Vendors, such as 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) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
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. and In September 2016, Marriott International, Inc. completed its acquisition of Starwood Hotels & Resorts Worldwide, Inc., creating the world’s largest and best hotel company providing maximum portfolio of brands including leading lifestyle brands, a significant global footprint, and leadership in the luxury and select-service tiers as well as the convention and resort segment
Regulatory Insights:
The International Luxury Hotel Association reaches an audience of more than 500,000 hotel professionals in 90+ countries. It also produces LUXURY HOTELIERS Magazine, ILHA SmartBrief and the INSPIRE SUMMITS in Europe and North America
Market Drivers
- Growing Tour & Travel and Corporate Industries across Various Regions
- Increasing Demand for Luxury Hotels for Corporate Events and Corporate Stays
- Advent to New Location
Market Trend
- Inclination towards Luxurious Hotels among Consumers in Developing Countries
- Rise in Preference for Leisure Travel
- Improved Lifestyle Due To Standard Of Living
Restraints
- Rise in Price of Lodging
- Low Rate of Occupancy
- High Tax Structure
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
Challenges
Political Unrest in Various Countries Reducing the Tourist Traffics, High Attrition Rate in the Hospitality Sector and Low Employee Productivity
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Vendors landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Luxury Hotel Study Sheds Light on
The Luxury Hotel Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Luxury Hotel industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Luxury Hotel industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.