According to a report published by Grand View Research, Inc.; the global luxury hotel market is expected to reach a valuation of around USD 115.80 billion by 2025. Growing tourism and corporate industries and rising disposable income are expected to drive market over the forecast period (2014 to 2025). Improving standard of living and rising leisure travel can further propel growth in the years to come.
Increasing demand for luxury lodgings for corporate events and stays can support growth of the market for luxury hotels. Sports events hosting by various cities and countries is also a key demand driver. Sports teams and spectators traveling from different locations for sporting tournaments prefer luxury lodging. This factor is anticipated to result into increasing bookings. Availability of easy hotel booking processes is also anticipated to increase demand in near future.
Full Research Report On Luxury Hotel Market Analysis: www.grandviewresearch.com/industry-analysis/luxury-hotels-market
Availability of vital information related to property such as photos, videos, and costumer reviews has increased the online hotel bookings. Rising implementation of advanced technologies is expected to propel market for luxury hotels in the forthcoming years. Companies are increasingly integrating room control services with the help of Internet of Things (IoT) platforms. This allows guest to control lighting, heating, and cooling of room through mobile-based applications. This factor is anticipated to drive market over the forecast period.
The worldwide luxury hotel market can be segmented on the basis of type and region. Based on type, the market can be split into business, airport, holiday, resorts and spas, and others. In 2017, the business segment held the largest market share of about 35.0%. Resorts and spas segment, on the other hand, is likely to expand at a CAGR of over 5.0% during the study period. Increasing preference for leisure travel is anticipated to bode well for holiday resorts and spas intended to help guests relax and take a break from routine.
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Several leading market players are making efforts to differentiate themselves from their competition by converting their properties into varied themes such as spa, beach, and sea and spa resorts, golf hotels, and mountain/ski resorts. This factor is anticipated to lure more customers. For instance, the Sofitel Agadir Thalassa Sea & Spa located in Morocco has used an amalgamation of Moroccan culture and modern styles. The resort also features private beach, a personal terrace suite, and private garden.
Geographically, the market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. In 2017, North America led the global market in terms of revenue and is anticipated to continue the trend over the forecast period. It held around 35.0% market share in 2017. In terms of revenue, U.S. dominated the regional market as the country is believed to be one of the most attractive tourist destinations and a financial hub.
Europe has been gaining significant traction due to increasing government efforts to promote tourism by spreading awareness regarding historical and architectural importance of various countries. For instance, historical importance of countries such as France, Italy, Spain, and U.K. is one of the key driving factors for rise in tourism. This, in turn, is expected to impel market for luxury hotels in the forthcoming years.
Asia Pacific is anticipated to expand at a CAGR of over 5.0% during the forecast period. Increasing disposable income of people in emerging countries such as China, India, and Thailand is expected to support market growth over the forecast period.
Key companies operating in the luxury hotel market include Belmond Management Limited, Mandarin Oriental Hotel Group Limited, Shangri-La International Hotel Management Ltd., The Ritz-Carlton Hotel Company, L.L.C., and Taj Hotels Palaces Resorts Safari. Market players are adopting strategies like partnerships and Merger and Acquisitions (M&A) to expand their presence worldwide. Leading companies are investing heavily in latest equipment to upgrade and to develop advanced infrastructure and to improve aesthetics and comfort level.
For instance AccorHotels announced its strategic partnership with Rixos Hotels in March 2017 to expand its geographical footprint in Russia, Egypt, UAE, and Turkey. In another development, Belmond Management Limited acquired Cap Juluca, a luxury resort on the Caribbean island of Anguilla, in May 2017 to expand its property portfolio.
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