Luxury Hotel Industry —
Luxury hotels are known for their luxurious accommodations; however, the process also includes simplified boking process, quick check-in and check-outs, detailed services associated with it, remarkable dining experiences, designer interiors, rooms loaded with features, and others. The global luxury hotels market is at present booming due to several factors. People are relying on these services to get out of the humdrums of their regular lives and to relax at some exotic location amidst bliss. The global luxury hotels market is capitalizing such factors to ensure high growth for itself in the coming years.
Features like booming tourism sector, hike in disposable income, deals launched by various travel agencies, and others are expected to trigger the global luxury hotels market forward. Hike in disposable income is leading to an avalanche of opportunities where people are now moving around more, availing better tourism packages, and are opting for such luxury hotels as their weekend destinations. Also, some of these hotels are luring in customers by offering themed-living. In this regard, several old palaces have been converted into royal hotels to make sure that the residents there enjoy an unparalleled experience. Sometimes, these hotels are also a point of attractions. Hotels in Arctic regions often offer amazing experiences amidst Northern Lights.
North America was the largest consumer market with a market share of 35.71% in 2013 and 32.05% in 2017 with a decrease of 3.66%. Asia-Pacific and China ranked the second and third markets with the market share of 19.28% and 18.73% in 2017.
Nowadays, the top five companies make up more than 26.37% market share of the luxury hotels market, and the world's large enterprises are mainly concentrated in North America. The top five vendors are Marriott International, Hilton, Hyatt Hotels, Four Seasons Holdings Inc. and Shangri-La International Hotel Management Ltd. They respectively took a global market share as 13.59%, 6.59%, 2.53%, 2.41%, and 1.24% in 2017.
In 2017, the global Luxury Hotel market size was 171100 million US$ and it is expected to reach 232300 million US$ by the end of 2025, with a CAGR of 3.9% during 2018-2025.
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Global top players covered : Marriott International, Hilton, Starwood Hotels & Resorts (Marriott), Hyatt Hotels, Four Seasons Holdings Inc., Shangri-La International Hotel Management Ltd., InterContinental, Hotels Group PLC, Mandarin Oriental International Limited, The Indian Hotels Company Limited, Jumeirah International LLC, Kerzner International Resorts, Inc., ITC Hotels Limited
Type and application are two segments, in which the global luxury hotel market can be segmented. The report has its focus on unearthing various opportunities that can be dealt with in the coming years to maximize the potential.
Based on the type, the global luxury hotel market can be segmented into business hotel, suite hotel, airport hotel, and resorts hotel. The resort hotel segment is gaining good traction as people are often opting for this as a weekend destination. The airport hotel segment is also gaining strong traction due to the growing demand from regular tourists.
Based on the application, the global luxury hotel market can be segmented into room, F & B, SPA, and others. The room segment is expected to gain notable advantages.
North America, Europe, Asia Pacific (APAC), South America, and the Middle East & Africa are regions that have been studied well for a region-specific segmentation of the global luxury hotels market. This study is aimed at revealing various growth pockets for future references.
North America is expecting substantial growth along with Europe. Both these regions are quite capable of spending substantial amount for a stay in luxury hotels. At the same time, these two regions also receive a huge number of tourists annually not just as travelers but also as businessmen. On the other hand, the APAC region also has several regions to pull in the global tourist crowd and offer them luxurious stay. Some of these regions are solely thriving on the extraordinary experience they provide. In the MEA region, luxury hotels are becoming a focal point for budding tourism.
In August 2019, Morgan Phillips had announced that he is now going to transform the fortress of Drake Island into a Luxury hotel to offer residents a unique experience.
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