Luxury Hotel Market Expected to Reach $4,403 Million, Brief Analysis on Top Key players Four Seasons Holdings Inc., Intercontinental Hotels Group, Marriott International Inc., Hyatt Corporation., ITC Hotels Limited, Shangri-La International Hotel Manageme
Players have adopted acquisition, agreement, and partnership & mergers as their key strategies to increase their market share. For instance, in 2015, Marriott International acquired Starwood Hotels and Resorts Worldwide Inc. with an objective to become the world’s largest hotel company. Furthermore, companies enter into agreement with other key players operating within a nation as well as in the international market.
The global luxury hotel market is driven by rise in travel & tourism industry, increase in preference for leisure travel, and improved standard of living. However, premium price charged by such hotels restrains the market growth. According to Sheetanshu Upadhayay, Research Analyst at Allied Market Research, Rise in number of business travelers and change in customer lifestyles have fueled the demand for luxury stays, with an increased trend for various luxury services such as spa and others. North American and European regions dominate the market due to higher number of tourist arrivals.
Business hotels segment is expected to dominate the market throughout the analysis period, owing to huge consumer base, which includes business travelers, tour groups, and small conference groups.
Airport hotels segment accounted for around 20% share of the overall luxury hotel market revenue in 2015, and is expected to grow at a CAGR of 3.7% during the forecast period. These hotels usually target business clients, passengers with overnight travel or cancelled flights, and airline crews or staff.
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In 2015, North America and Europe collectively accounted for around two-thirds of the total luxury hotel market size, and are expected to continue to dominate the market due to increase in number of tourists and travelers.
The major companies profiled in the report include Four Seasons Holdings Inc., Intercontinental Hotels Group, Marriott International Inc., Hyatt Corporation., ITC Hotels Limited, Shangri-La International Hotel Management Ltd., Jumeirah International LLC, and The Indian Hotel Companies Limited.
North America has emerged as the largest market for luxury hotels, and is anticipated to grow at a notable pace, owing to rise in the number of business travelers and others. Europe showed the fastest growth rate for resorts during the forecast period due to increase in international tourist arrivals and emergence of new hotels in countries such as Germany, France, Italy, and the UK.
The demand for luxury hotels is lower in developing countries as compared to developed markets. However, Asia-Pacific is expected to grow at a notable pace in next five years, owing to growth in preference for leisure travel and rise in travel & tourism industry. Japan accounted for the largest market size in the overall Asia-Pacific luxury hotel market.
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Market players explore innovative products and services to strengthen their presence and meet the growing demands. Established brands have adopted merger, and agreement & partnership as their prominent growth strategies to strengthen their foothold in the market. For instance, in 2016, Hyatt Hotels Corporation announced that a Hyatt affiliate has entered into an agreement with Terra Tour Service EOOD for a Hyatt Regency Hotel in Sofia, Bulgaria, which is the first Hyatt-branded hotel in Bulgaria.
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We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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