Five Star Hotel Market Share Anticipated to Climb to USD 187.42 Billion by 2030

The Five Star Hotel Market Share is experiencing significant growth, driven by the expansion of the travel and tourism industry, rising disposable incomes, and evolving consumer preferences for luxury experiences. In 2023, the market was valued at approximately USD 123.82 billion and is projected to grow at a compound annual growth rate (CAGR) of 6.1% through the forecast period.



Gains in Market Growth & Opportunity

The growth of the travel and tourism sector is one of the key factors driving the five-star hotel market. With the rising global tourism, the need for luxury hotels which provide premium service and facilities is also rising. Moreover, increasing disposal income and lifestyle transformation have increased the desire to travel luxuriously. Opportunities in the Luxury Hotels Market This rise in luxury hotels can be further supported by the developments of new luxury hotels and renovation of hotels on offer, owing to the changing consumer expectations.

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Segmentation Analysis

The five-star Hotels has been segmented on the basis of type and category.

by Type:

Business Hotels: In 2023, the business hotel segment is expected to retain the largest share of the international luxury hotel market at 33%. This section is predicted to retain its dominance over the period of time forecast, registering an CAGR of 6 % in the forecast period 2024-2030. Business hotels are on the rise due to the increasing population of corporate travelers who are looking for high-end hotels that have business-oriented facilities.

Airport Hotels: These types of hotels serve transit passenger and business traveler who need easy access to airport. This segment is growing as a result of rising air travel and the need for short-term housing arrangements near airports.

Suites Hotels—Suite hotels feature large rooms with a separate living room and bedroom, providing added space for travelers looking for more extended stays or extra comfort. This segment is increasingly popular with families and business travelers looking for extra room and features.

Resort: Luxurious accommodation in a leisure destination, with recreational activities accessible on the premises or very close. Resorts are in demand, as travelers want an all-in-one vacation experience in beautiful locales.

by Category:

Chain Hotels: Those numbers are mostly driven by chain hotels, which accounted for over half of the international five-star hotel market in 2023. These establishments gain from increased brand recognition, pre-packaged services, and widespread marketing which bring a diverse clientele.

8 Independent Hotels – Independent luxury hotels mostly give personalized while unique experiences opting for local culture and customization in form of services. Though they have a smaller market share than chain hotels, they cater to travelers looking for unique and personalized lodging.

Regional Analysis

North America: With a share of 33% in 2023, North America had the largest market. This region leads in this regard due to the high volume of domestic and other leisure travelers in the region, who collectively spend about USD 700 billion a year: much more than any other region.

Asia-Pacific: The Asia-Pacific region is anticipated to key driver the market growth offering the highest growth at a CAGR of 6% through the forecast period. Major infrastructure developments, higher disposable incomes as well as a burgeoning middle class are driving the need for luxury hotel rooms in this region.

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Competitive Analysis

The five-star hotel market is characterized by high competition and a number of key players targeting portfolio expansion, service development, and advanced technology for enhancing guest experiences. Some key players in the market include:

Marriott International Inc.: One of the world's largest and most diverse hotel chain known for its luxury and premium brand portfolio, wi th properties across North America and broader globe

Hyatt Corporation- One of Hyatt's flagship services is designing and building upscale hotels and resorts with an emphasis on personalized service and unique guest experiences.

Intercontinental Hotels Group (IHG): IHG has a diverse portfolio of luxury hotel brands and seeks to expand its global presence.

Four Seasons Holdings Inc.: Four Seasons is known for luxury hotels and resorts, and aims to provide guests with excellent service and amenities.

Shangri-La International Hotel Management Ltd.: Known for its luxury hotels across the Asia-Pacific region, Shangri-La hotels feature luxurious surroundings and unparalleled service.

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Conclusion

The global five-star hotel market is expected to see significant growth due to the development of tourism, increasing per capita disposable income, and changing consumer lifestyles that prioritize luxury. While continued developments in the marketplace are likely as leading players evolve their offerings to meet the needs of growing demand for premium accommodation globally.

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