Jersey City, New Jersey, Sept. 12, 2022 (GLOBE NEWSWIRE) — Verified Market Research recently released a report, “Luxury hotel market“By Type (Business Hotels, Airport Hotels, Suite Hotels, Resorts, and Others) and by Geography. Verified Market Research conducted high-quality research which revealed that the global hotel market size of luxury was valued at USD 93.37 billion in 2019 and is expected to reach USD 123.49 billion by 2027, growing at a CAGR of 4.1% from 2020 to 2027.
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Browse the table of contents in depth on “Luxury hotel market”
202 – Pages
126 – Tables
37 – Numbers
Overview of the global luxury hotel market
Booming tourism and business in several regions, increasing disposable income, rising standard of living of people and growing inclination for leisure travel is expected to boost the market. Inflation in purchasing power and standard of living are some of the fundamental elements that attract customers to luxury resorts. The hosting of sporting events by a city or country has also been a significant factor that propelled the demand for luxury accommodations. Sports teams, as well as spectators coming from different destinations for the tournament, tend to book their stays in luxury hotels, thus leading to an increase in the number of reservations.
The dominant players in the market are investing deeply in infrastructure and upgrading their property with the latest fixtures to improve the aesthetics and overall comfort offered to guests. Some constraints and difficulties encountered will hamper the growth of the market. High innovation and development costs are one of the restraining factors anticipated for the market.
The main market players 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, The Indian Hotel Companies Limited.
Verified Market Research has segmented the global luxury hotel market on the basis of type and geography.
- Luxury Hospitality Market, By Type
- Business Hotels
- Airport hotels
- Suite Hotels
- Resorts and others
·Luxury hotel market, by geography
- North America
- The rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- Latin America
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