Luxury Hotel Market – Global Trend and Outlook to 2028
The Luxury Hotel Market refers to the industry that provides high-end accommodation and services to discerning travellers. Luxury hotels are typically characterized by their luxurious amenities, personalized services, prime locations, and high standards of hospitality. These hotels offer a range of amenities, including gourmet dining, spa services, fitness centers, business facilities, and entertainment options, among others.
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The Global Luxury Hotel Market is expected to experience steady growth in the coming years, driven by factors such as the increasing number of high-net-worth individuals, the growing demand for luxury travel experiences, and the rising popularity of experiential travel. According to a report by HTF MI, the global luxury hotel market was valued at $171.61 billion in 2019 and is expected to reach $236.61 billion by 2027, growing at a CAGR of 4.3% during the forecast period.
Global Luxury Hotel Market Breakdown by Application (Individual, Group, Corporates) by Type (Business Hotels, Resorts, Suite Hotels, Airport Hotels, Others) by Booking Mode (Travel Agents, Online travel Portal, Direct Booking, Others) by Category (Independent, Chain) by Service (Accommodation, Dine in, Spas, Others) and by Geography (North America, South America, Europe, Asia Pacific, MEA)
The market is highly competitive, with a large number of players offering a wide range of luxury hotel products and services for various traveller segments. Key players in the market include Marriott International, Hilton Worldwide Holdings Inc., Four Seasons Holdings Inc., Accor S.A., and InterContinental Hotels Group PLC, among others. These companies are investing heavily in the development of new and innovative hotel products and services that meet the evolving needs and preferences of their customers.
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Overall, the luxury hotel market is expected to continue to grow steadily in the coming years, driven by the increasing demand for high-end accommodation and services among discerning travelers. The market is also expected to benefit from the rising investment in the development of new and innovative luxury hotel products and services that offer enhanced comfort, convenience, and luxury.
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