Luxury Hotel Market Development, Business Outlook, Share, Growth Opportunities, Forecast To 2025

02/dic/2019 12:36:23 Grand View Research Contatta l'autore

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Luxury Hotel Market

As per the report by Grand View Research, Inc., the luxury hotel market is poised to rise to a valuation of USD 115.80 billion and is estimated to witness a CAGR of 4.3 % by 2025. Developing corporate and tourism industries across several regions, increasing standard of living, increase in preference for leisure travel, and rising disposable income are anticipated to propel the luxury hotel industry in the forecast period.

Change in client’s preference toward luxurious traveling is anticipated to drive the luxury hotel industry across the globe. Furthermore, an increase in the number of international and national events is also generating the demand for luxury hotels. Development of newer luxury hotels is also expected to unfold new business opportunities for the market in the forecast period. However, luxury hotels belong to high-end segmentation on account of pricing and high tariff, which is anticipated to hinder the growth of the market. Furthermore, the visitor’s attitude of discovering new hotels refrain them from revisiting the same hotel thereby reducing recurring footfall.

The stay and experience of a luxury lifestyle during holidays or vacations is seen as a rejuvenating and relaxing experience by the travelers. This is becoming a huge trend among senior citizens and newly married couples, as they sum up this luxury vacation as a lifetime experience. In April 2019, Marriott International started expanding in Mexico and is anticipated to increase its footprint by over 50% by 2023. As per the global research and consulting firm Great Place to Work, Hilton ranked as top hospitality company to work for in the Asia Pacific for third year running, in April 2019. This marks the third successive year that Hilton has surpassed the prestigious list as a hospitality firm.

Geographically, North America is one of the prominent regions in the market and is anticipated to retain its position over the forthcoming period. The U.S. accounted for the largest revenue share in the market in 2017 since it is a financial hub across the globe as well as it is the most popular tourist destinations for people globally. Asia Pacific is expected to witness the highest development rate over the forthcoming period.

Leading players effective in the luxury hotel market include AccorHotels; InterContinental Hotels Group; Shangri-La International Hotel Management Ltd.; Four Seasons Hotels Limited; Marriott International, Inc.; and Taj Hotels Palaces Resorts Safari.

Access Press Release of Luxury Hotel Market @

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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