Luxury Hotel Market Size Was Valued at USD 140.2 Billion in 2023, and is Projected to Reach USD 373.4 Billion by 2032, Growing at a CAGR of 11.5% From 2024-2032.
It is clear that a luxury hotel is a special kind of hospitality establishment that offers its patrons exclusive services in addition to more than just basic amenities. These hotels are known for their strategic locations, which allow them to brag about being in the most advantageous parts of the city or occasionally locations with international recognition. The spaces' arrangements are thoughtfully designed, with subtle interior design and architecture. Large, luxurious hotel rooms come equipped with exceptional furniture and cutting-edge equipment. Due to the small venues' dimensions and the abundance of staff members assigned to each visitor, great care is taken to cater to each individual's needs, and requests are fulfilled right away.
More features, they have today as soon as exclusive gymnasiums, spas, and sometimes even assistants for personal attendance. As these establishments are positioned to offer customer experiences that are safe, convenient and luxurious, they sell food and other services at a relatively higher price. Due to the greater detail attended and the high quality customer service, the luxury hotels separate themselves as the best place to be as regards comfort and class.
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Active Key Players in the Luxury Hotel Market
- Marriott International, Inc. (U.S.)
- Hyatt Hotels Corporation (U.S.)
- InterContinental Hotels Group plc (U.K.)
- Four Seasons Hotel Limited (Canada)
- Hilton Hotels & Resorts (U.S.)
- Kempinski Hotels S.A. (Switzerland)
- Accor SA (France)
- The Indian Hotels Company Limited (India)
- Mandarin Oriental Hotel Group (Hong Kong)
- Shangri La International Hotel Management Ltd. (Hong Kong)
- Other Key Players
An increase in upscale business travel
Customers of luxury services are often well-off individuals with considerable spending power; if the number of affluent people increases worldwide, there will be potential for market expansion. Furthermore, it is first believed that the rise in the number of "Core" business travelers is due to the fact that these are wealthy individuals who anticipate "High-end" travel experiences. As a result, there is a need to meet the unique requirements of both leisure and business tourists by offering opulent and exquisite lodging in addition to upscale and individualized services.
The Report Will Include A Major Chapter
The Report Will Include A Major Chapter
By Room Type
- Luxury
- Upper-upscale
- Upscale
By Category
- Chain
- Independent
By Region
- North America (U.S., Canada, Mexico)
- Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
- Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
- Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New-Zealand, Rest of APAC)
- Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
- South America (Brazil, Argentina, Rest of SA)
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Key Industry Developments in the Luxury Hotel Market:
In June 2024, Marriott International announced three deals to bring iconic American luxury properties to the Marriott Bonvoy portfolio later this summer. Marriott International, Inc. announces plans to transform three iconic luxury properties in the United States into the Marriott Bonvoy portfolio of brands. Located in some of the country's most sought-after destinations, The Resort at Pelican Hill, Turtle Bay Resort, and the Midtown New York luxury hotel are slated to join Marriott Bonvoy's luxury brands this summer.
In September 2023, Marriott International and Cathay deepen strategic partnerships to deliver enriched travel benefits. Marriott International, Inc. announced the expansion of its award-winning travel program, Marriott Bonvoy, through a partnership with Cathay's frequent flyer program, Cathay Membership. Eligible members receive exclusive access to membership benefits of both programs through limited game offers and accelerated points earning, which enables a seamless two-way conversion between miles and points.
Objective to buy this Report:
- Global Luxury Hotel Market provides a detailed analysis of the market structure, with forecasts for various segments and sub-segments of the market.
- To provides insight into factors that influence market growth. Analyze markets based on a variety of factors, including price analysis, supply chain analysis, and porters five force analysis.
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