Luxury Hotels Market Trends, Business Overview, Industry Growth and Forecast to 2028

The luxury hotels market is anticipated to grow at a significant CAGR of 4.2% during the forecast period (2022-2028). A luxury hotel is described as one that offers its guests a luxurious lodging experience. The services and dining at luxury hotels are supposed to be of high quality, as they cater to high-paying visitors. Almost half of all overseas tourists arrive for recreational purposes. The rising disposable income is also significantly driving the growth of the market.

The global luxury hotels market is segmented based on type and category. Based on type, the market is sub-segmented into business hotels, airport hotels, suite hotels, resorts, and others. Among these types, the business hotel segment is expected to propel the growth of the market due to the increasing demand for business hotels to conduct official meetings. Additionally, corporate functions are also being conducted in business hotels which contributes to the growth of this segment. Based on the category, the market is sub-segmented into chain and independent.

The market players are also contributing significantly to the market's growth by adopting various strategies, including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance-

•In November 2020, Accor SA and Ennismore entered exclusive negotiations to form one of theleading lifestyle operator in the hospitality sector.
•In February 2020, Hamilton Hotel Partners and Pyramid Hotel Group completed the merger of the two businesses. The combined business or asset manages 141 hotels with 32,000 rooms across eight countries.
•In March 2022, Mandarin Oriental Exclusive Homes teamed with luxury property rental site StayOne to launch its new Mandarin Oriental Exclusive Homes division. Mandarin made a "strategic investment" in StayOne in 2020, however,no financial details regarding the agreement were made public. Prior to the pandemic, Marriott debuted its Homes & Villas vacation rental website in 2019, but the number of postings has exploded in the last two years.

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Market Coverage
•The market number available for - 2021-2028
•Base year- 2021
•Forecast period- 2022-2028
•Segment Covered-
•By Type
•By Category
•Regions Covered-
•North America
•Europe
•Asia-Pacific
•Rest of the World

Competitive Landscape- ITC Hotels Ltd., Marriott International Inc., Accor SA, Belmond Ltd., InterContinental Hotels Group PLC, Rosewood Hotels & Resorts, and Ritz-Carlton Hotel Co.LLC, among others.

A full report Luxury Hotels Market of is available at:  https://orionmarketreports.com/luxury-hotels-market/105158/

Global Luxury Hotels Market Report by Segment
By Type
•Business Hotels
•Airport Hotels
•Suite Hotels
•Resorts
•Others
By Category
•Chain
•Independent

Key questions addressed by the report
•What is the market growth rate?
•Which segment and region dominate the market in the base year?
•Which segment and region will project the fastest growth in the market?
•How has COVID-19 impacted the market?
•Deviation from the pre-COVID-19 forecast
•Most affected region and segment
•Who is the leader in the market?
•How players are addressing challenges to sustain growth?
•Where is the investment opportunity?

 
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This release was published on openPR.