The growth of the luxury hotel market between emerging economies opens up new business opportunities

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the luxury hotel market was valued at $15,535 million in 2015 and is expected to reach $20,442 million by 2022, growing at a CAGR of 4.0% from 2016 to 2022. The business hotel segment accounted for approximately 42% of revenue. ‘total market business in 2015. The report provides a detailed analysis of the main investment pockets, winning strategies, drivers and opportunities, market size and estimates, competitive landscape and evolution market trends.

Luxury hotels provide a comfortable stay for tourists and travelers along with services such as a spa, swimming pool, and fitness center. The luxury hotel market has grown significantly in recent years due to the increase in the number of business travelers around the world. Changing guest preferences and modernization of services provided by hoteliers are further driving the demand for luxury stays.

The global luxury hotel market is driven by booming travel and tourism industry, increasing preference for leisure travel and improving living standards. However, the high price charged by these hotels limits the growth of the market. According to Sheetanshu Upadhayay, research analyst at Allied Market Research, the increase in the number of business travelers and changing customer lifestyles have fueled the demand for luxury stays, with an increased trend for various luxury services. such as spa and others. North America and Europe regions dominate the market due to higher number of tourist arrivals.

The business hotel segment is expected to dominate the market throughout the analysis period, due to the huge consumer base, which includes business travellers, tourist groups and small conference groups.

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The airport hotel segment accounted for approximately 20% of the overall luxury hotel market revenue in 2015 and is expected to grow at a CAGR of 3.7% during the forecast period. These hotels typically target business customers, passengers with overnight trips or canceled flights, and airline crews or staff.

In 2015, North America and Europe collectively accounted for approximately two-thirds of the total luxury hotel market size and are expected to continue to dominate the market due to increasing numbers of tourists and travelers .

Key companies profiled in the report are Four Seasons Holdings Inc., Intercontinental Hotels Group, Marriott International Inc., Hyatt Corporation., ITC Hotels Limited, Shangri-La International Hotel Management Ltd., Jumeirah International LLC, and The Indian Hotel Companies Limited. .

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Covid-19 pandemic is having a vital impact on the growth of the global luxury hotel market and has altered several market scenarios. Lockdowns in various countries and bans on international travel have disrupted the supply chain and revenue chain. The report includes an in-depth analysis of the Covid-19 pandemic on the growth of the global luxury hotel market.

Main results of the study

• North America is expected to maintain its leading position throughout 2022, growing at a CAGR of 5.1% from 2016 to 2022.
• The business hotel segment occupied approximately 41% of the total luxury hotel market size in 2015.
• The United States accounted for four-fifths of the total luxury hotel market in North America in 2015, while Mexico is expected to experience the fastest growth, with a CAGR of 6.6% from 2016 to 2022.

Related reports:

• The market for ready-to-move-in luxury homes will show an increase of by 2027
• The vacation rental market is growing rapidly with a significant CAGR to 2027

About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unparalleled quality of “Market Research Reports” and “Business Intelligence Solutions”. AMR has a focused vision to offer business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market areas.

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