{"id":8689,"date":"2022-06-06T12:54:57","date_gmt":"2022-06-06T12:54:57","guid":{"rendered":"https:\/\/nazing.co.uk\/?p=8689"},"modified":"2022-06-06T12:54:57","modified_gmt":"2022-06-06T12:54:57","slug":"luxury-hotel-market-share-size-trend-demand-analysis-by-top-leading-player-and-forecast-till-2028","status":"publish","type":"post","link":"https:\/\/nazing.co.uk\/luxury-hotel-market-share-size-trend-demand-analysis-by-top-leading-player-and-forecast-till-2028\/","title":{"rendered":"Luxury Hotel Market Share, Size, Trend, Demand, Analysis by Top Leading Player and Forecast Till 2028"},"content":{"rendered":"\n<p>The global&nbsp;<a href=\"https:\/\/www.fortunebusinessinsights.com\/luxury-hotel-market-104408\" target=\"_blank\" rel=\"noopener\">luxury hotel market<\/a>&nbsp;size is projected to reach&nbsp;<strong>USD 238.49 billion&nbsp;<\/strong>by 2028, exhibiting a CAGR of&nbsp;<strong>10.4%&nbsp;<\/strong>during the forecast period.&nbsp;<strong>Fortune Business Insights\u2122&nbsp;<\/strong>diagnoses this market in its report, titled \u201c<strong>Luxury Hotel Market, 2021-2028<\/strong>\u201d, which also states that the market value stood at&nbsp;<strong>USD 93.43 billion&nbsp;<\/strong>in 2020.<\/p>\n\n\n\n<p><strong>COVID-19 to Create Widespread Instability in the Hospitality Industry<\/strong><\/p>\n\n\n\n<p>The luxury hotel market growth is expected to shrink due to the COVID-19 pandemic, with a market registering an astonishing decline of&nbsp;<strong>60.82%&nbsp;<\/strong>in 2020 and reaching a value of&nbsp;<strong>USD 119.55 billion&nbsp;<\/strong>in 2021. One main reason for this unprecedented downturn in the hospitality industry is the steep drop in tourist activities worldwide. As per the estimations released by the UN World Tourism Organization (UNWTO), export revenues from tourist arrivals fell by approximately USD 910 billion to 1.2 trillion in 2020, potentially shrinking the global GDP by 1.5% to 2.8%. Hotels, in particular, have been the hardest hit. For example, according to the American Hotel &amp; Lodging Association (AHLA), 71% of hotels will not survive the next six months without federal assistance and 77% will have to lay-off workers. Luxury hotel chains, such as Le Meridien, have also resorted to cost-cutting, given the new travel bans and the possibility of movement restrictions. In sum, markets associated with the travel, tourism, and hospitality industry are set to enter a period of deep financial stress on account of the coronavirus.<\/p>\n\n\n\n<p><strong>Fortune Business Insights\u2122 lists out all the&nbsp;luxury hotel market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:<\/strong><\/p>\n\n\n\n<ul><li>Mandarin Oriental Hotel Group (Quarry Bay, Hong Kong)<\/li><li>Accor SA (Issy-les-Moulineaux, France)<\/li><li>Shangri-La Asia Limited (Quarry Bay, Hong Kong)<\/li><li>Four Seasons Hotel Limited (Toronto, Canada)<\/li><li>Hyatt Hotels Corporation (Chicago, U.S.)<\/li><li>The Indian Hotels Company Limited (Mumbai, India)<\/li><li>Kempinski Hotels S.A. (Geneva, Switzerland)<\/li><li>Hilton Hotels &amp; Resorts (McLean, U.S.)<\/li><li>InterContinental Hotels Group plc (Denham, U.K.)<\/li><li>Marriott International, Inc. (Maryland, U.S.)<\/li><\/ul>\n\n\n\n<p><strong>Emergence of Eco-friendly Luxury Hotels to Accelerate the Market<\/strong><\/p>\n\n\n\n<p>The development of hotels guided by the principles of environmental sustainability has altered perceptions surrounding luxury accommodations. The increasing environmental consciousness among new-age travelers has redefined the dynamics hitherto governing the hospitality industry, leading to the construction of eco-friendly luxury hotel brands. For example, the Andaz Maui at Wailea Resort in Hawaii has been conceived to minimize waste and emissions. The resort features a solar water heater system and variable speed chillers, while in the in-room settings, the glassware is made from recycled materials along with automated temperature controls. Similarly, at the Saffire Freycinet in Tasmania, Australia, Modwood is used as a wood substitute, LED technology is extensively utilized to make the entire facility energy-efficient, and natural cycle airflow systems have also been installed. The growing popularity of such premium properties in exotic locations is set to accelerate the expansion of this market.<\/p>\n\n\n\n<p><strong>Highlights of the Report<\/strong><\/p>\n\n\n\n<p>This report offers a detailed analysis of the various market drivers and trends, along with a careful study of the various market restraints. Moreover, the report contains a comprehensive examination of the regional dynamics of the market, as well as an in-depth evaluation of the competitive landscape of the market. In addition to these factors, the report supplies an exhaustive assessment of all market segments.<\/p>\n\n\n\n<p><strong>Market Segments<\/strong><\/p>\n\n\n\n<p>Based on room type, the market has been divided into luxury, upper-upscale, and upscale. By category, the market has been segmented into chain and independent. On the basis of geography, this market has been segregated into North America, Europe, Asia Pacific, South America, and the Middle East &amp; Africa.<\/p>\n\n\n\n<p><strong>Regional Insights<\/strong><\/p>\n\n\n\n<p><strong>High Spending Capacity of Travelers to Fuel the Market in North America<\/strong><\/p>\n\n\n\n<p>Backed by a high spending potential of consumers, North America is anticipated to dominate the luxury hotel market share during the forecast period. A report by the US Travel Association showed that in 2019, domestic travelers spent USD 972 billion, of which roughly 25% was spent on lodging facilities. Furthermore, expenditures on hotels and resorts of both domestic and international travelers rose by 4.1% in 2019 from 2018 levels, as per the report, indicating a strong willingness to spend on vacations by consumers. The North America market size stood at&nbsp;<strong>USD 30.66 billion<\/strong>&nbsp;in 2020.<\/p>\n\n\n\n<p>In Europe, the market will enjoy a period of sustained growth as the continent is home to some most attractive tourist places on the planet. The UNWTO, for instance, observed that Europe accounted for nearly half of all tourist arrivals globally in 2018. In Asia Pacific, on the other hand, the expanding upper-middle-class and middle-class populations are pulling international luxury hotel chains to establish their presence in countries such as India, China, and Indonesia.<\/p>\n\n\n\n<p><strong>Competitive Landscape<\/strong><\/p>\n\n\n\n<p><strong>Key Players to Tap Opportunities in Developing Markets<\/strong><\/p>\n\n\n\n<p>With the standard of living transforming in the emerging markets of Asia and Africa, luxury hotel brands are actively amplifying their presence and operations in these countries. Several hotel chains are coming up with new offers and creating unique economy segments and services to attract travelers and entrench their regional position.<\/p>\n\n\n\n<p><strong>Industry Developments:<\/strong><\/p>\n\n\n\n<ul><li><strong>January 2021:&nbsp;<\/strong>Marriott International announced its plans of opening 100 new properties across Asia Pacific in 2021. The aim is to bring brands and exquisite experiences to travelers and guests in unexplored destinations in the region.<\/li><li><strong>March 2020:<\/strong>&nbsp;Luxe Collection opened its first branded property in New York City, the Luxe Life Hotel New York. To this will be added new 4- and 5-star hotels \u2013 Zeavola Resort (Thailand), Il Tornabuoni (Florence), Eurostars Magnificent Mile (Chicago), CoolRooms Atocha (Spain), and The&nbsp;Belmont&nbsp;(Dallas).<\/li><\/ul>\n\n\n\n<p><strong>Browse Detailed Summary of Research Report:<\/strong><\/p>\n\n\n\n<p><a href=\"https:\/\/www.fortunebusinessinsights.com\/luxury-hotel-market-104408\" target=\"_blank\" rel=\"noopener\">https:\/\/www.fortunebusinessinsights.com\/luxury-hotel-market-104408<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The global&nbsp;luxury hotel market&nbsp;size is projected to reach&nbsp;USD 238.49 billion&nbsp;by 2028, exhibiting a CAGR of&nbsp;10.4%&nbsp;during the forecast period.&nbsp;Fortune Business Insights\u2122&nbsp;diagnoses this market in its report, titled \u201cLuxury Hotel Market, 2021-2028\u201d, which also states that the market value stood at&nbsp;USD 93.43 billion&nbsp;in 2020. COVID-19 to Create Widespread Instability in the Hospitality Industry The luxury hotel market [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/nazing.co.uk\/wp-json\/wp\/v2\/posts\/8689"}],"collection":[{"href":"https:\/\/nazing.co.uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nazing.co.uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nazing.co.uk\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/nazing.co.uk\/wp-json\/wp\/v2\/comments?post=8689"}],"version-history":[{"count":1,"href":"https:\/\/nazing.co.uk\/wp-json\/wp\/v2\/posts\/8689\/revisions"}],"predecessor-version":[{"id":8690,"href":"https:\/\/nazing.co.uk\/wp-json\/wp\/v2\/posts\/8689\/revisions\/8690"}],"wp:attachment":[{"href":"https:\/\/nazing.co.uk\/wp-json\/wp\/v2\/media?parent=8689"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nazing.co.uk\/wp-json\/wp\/v2\/categories?post=8689"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nazing.co.uk\/wp-json\/wp\/v2\/tags?post=8689"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}