Luxury Hotel Market Share, Industry Size, Growth Factors, Report 2023-2028

According to IMARC Group latest report titled “Luxury Hotel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on luxury hotel market. The report also includes competitor and regional analysis, and contemporary advancements in the global market.

The global luxury hotel market size reached US$ 104.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 137.1 Billion by 2028, exhibiting a growth rate (CAGR) of 4.5% during 2023-2028.

Luxury hotels are upscale establishments offering premium services and facilities. Characterized by their lavish decor, exceptional customer service, and attention to detail, these hotels ensure an exclusive experience for guests. They typically feature sophisticated amenities such as gourmet dining, spas, and personalized services. The working mechanism of luxury hotels revolves around providing an immersive, high-end experience, often leveraging local culture and unique themes. The properties of these establishments include state-of-the-art infrastructure and technology. Advantages of luxury hotels include enhanced guest satisfaction, strong brand reputation, and the ability to attract affluent customers.

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Market Trends:

The global market is primarily propelled by the increasing affluence and travel interests of consumers worldwide. In parallel, the growing appreciation for luxurious and unique lodging experiences is further catalyzing market growth. Additionally, the rising trend of leisure travel combined with the demand for exclusive services is acting as a key growth-inducing factor. The market also benefits from the escalating number of business travelers seeking premium accommodations. The rise in digital marketing and online booking platforms is facilitating easier access to luxury hotel services, thus expanding market reach. Moreover, the integration of advanced technologies for personalized guest experiences is creating new growth opportunities. The sector is also influenced by the strategic location of hotels in iconic and tourist-friendly destinations. The market is witnessing a positive impact from the increasing number of high-net-worth individuals, coupled with growing global connectivity. Other contributing factors include the expansion of international hotel chains and partnerships, and the adoption of sustainable and eco-friendly practices in hotel operations.

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Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

• Accor
• Belmond Ltd.
• Four Seasons Hotels Limited
• Hyatt Hotels Corporation
• InterContinental Hotels Group plc
• ITC Limited
• Jumeirah International LLC
• Mandarin Oriental Hotel Group Limited
• Marriott International Inc
• Rosewood Hotels and Resorts L.L.C.
• Shangri-La International Hotel Management Ltd.
• The Indian Hotels Company Limited

Luxury Hotel Market Segmentation:

Our report has categorized the market based on region, type, room type and category.

Breakup by Type:

• Business Hotels
• Airport Hotels
• Suite Hotels
• Resorts
• Others

Breakup by Room Type:

• Luxury
• Upper-Upscale
• Upscale

Breakup by Category:

• Chain
• Independent

 Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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