According to IMARC Group latest report titled “Luxury Hotel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on luxury hotel market outlook. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global luxury hotel market reached a value of US$ 100.0 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 131.7 Billion by 2027, exhibiting a CAGR of 4.6% during 2022-2027.
A luxury hotel offers luxurious stays along with various other services such as a swimming pool, spa, barbeque, gyms, bar, and other tailor-made services as per the comfort and desire of customers. Many luxury hotels also provide private gardens or private areas on the beach, along with personal sunbeds, to distinguish themselves from other players. These hotels strive to showcase the highest quality of services and features, from interior design and food offerings to extended types of services to attract guests. These are classified based on the diamond range depending upon facilities provided to the guests, usually four-diamond or five-diamond luxury hotels.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
The global market is primarily driven by significant growth in the travel and tourism industry. In line with this, lavish stays during family vacation time or offering over-the-top facilities for upper management executives during business tours is positively influencing the demand for luxury hotels. Furthermore, the emergence of online accommodation booking services is catalyzing the market proliferation. Apart from this, increased demand for premium services with improved booking facilities is propelling the market. Moreover, the rising popularity of eco-friendly luxury hotels is creating a positive outlook for the market. Besides this, the availability of lodging packages with deluxe rooms and high-end services has attracted many guests for extended stays, strengthening the luxury hotel demand.
Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- Belmond Ltd.
- Four Seasons Hotels Limited
- Hyatt Hotels Corporation
- InterContinental Hotels Group plc
- ITC Limited
- Jumeirah International LLC
- Mandarin Oriental Hotel Group Limited
- Marriott International Inc
- Rosewood Hotels and Resorts L.L.C.
- Shangri-La International Hotel Management Ltd.
- The Indian Hotels Company Limited
Luxury Hotel Market Segmentation:
Our report has categorized the market based on region, type, room type and category.
Breakup by Type:
- Business Hotels
- Airport Hotels
- Suite Hotels
Breakup by Room Type:
Breakup by Category:
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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