Press release
Global Five-Star Hotel Market Outlook 2024: Luxury Hospitality Trends and Growth Prospects
Five-Star Hotel Market Outlook
The new report published by The Business Research Company, titled Five Star Hotel Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.
As per the report, the five star hotel market size has grown rapidly in recent years. It will grow from $120.43 billion in 2023 to $134.37 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The five star hotel market size is expected to see rapid growth in the next few years. It will grow to $209.42 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%.
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What Is Driving The Growth Of The Global Five Star Hotel Market?
Tourism Sector Growth Driving Expansion In Five Star Hotel Market
The development in the tourism sector is expected to propel the growth of the five-star hotel market going forward. The tourism sector's development is fueled by economic growth, and rising disposable incomes enable more people to travel. Additionally, improved transportation and infrastructure make destinations more accessible, while advancements in technology enhance the booking and travel experience. Five-star hotels often position themselves in prime tourist destinations, enhancing their reputation and prestige. This attracts both leisure and business travelers seeking high-quality experiences. For instance, in March 2023, according to the Croatian Bureau of Statistics, a Croatia-based government agency, in 2022, commercial accommodation establishments saw 17.8 million tourist arrivals and 90.0 million tourist nights, marking a 39.1% increase in arrivals and a 28.3% rise in tourist nights compared to 2021. Therefore, development in the tourism sector is driving the five-star hotel market.
What Is The Key Trend In The Global Five Star Hotel Market?
Expansion of Non-Gaming Luxury Hotels
Major companies operating in the five-star hotel market are making non-gaming hotels operational with premium facilities to diversify their offerings. Non-gaming hotels refer to luxury accommodations that do not offer casin*o or gamblin*g facilities, focusing instead on providing high-end amenities such as fine dining, spas, conference centers, and recreational activities to attract a diverse range of guests. For instance, in March 2024, HCW Development LLC, a US-based real estate development and property management company, launched Caesars Republic Scottsdale in Scottsdale, Arizona. Caesars Republic Scottsdale is the first non-gaming hotel under the Caesars brand in the United States, marking a significant expansion into the luxury lifestyle hotel segment. The hotel is a modern 11-story glass structure featuring rich textures, strong architectural elements, and a chic interior design combining soft curves and bold accents.
How Is The Global Five Star Hotel Market Segmented?
The five star hotel market covered in this report is segmented -
1) By Type: Business Hotel, Suite Hotel, Airport Hotel, Resorts Hotel
2) By Category: Chain, Individual
3) By Application: Room, Food And Beverage, Spa, Other Applications
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How Is The Competitive Landscape Of The Global Five Star Hotel Market?
Major companies operating in the five star hotel market are Marriott International Inc, Radisson Hotel Group, Kohler Co., Rosewood Hotels & Resorts LLC, Hilton Worldwide Holdings Inc., ITC Limited, Hyatt Hotels Corporation, Four Seasons Hotels Limited, Accor S.A., InterContinental Hotels Group PLC, Kerzner International Holdings Limited, Kempinski Hotels S.A., The Trump Organization, Jumeirah International LLC, Shangri-La International Hotel Management Ltd, Belmond Management Limited, The Peninsula Hotels, Mandarin Oriental Hotel Group International Limited, Soneva, Banyan Tree Hotels & Resorts, Capella Hotel Group, Leela Palaces and Resorts Limited, The Oberoi Group, The Indian Hotels Company Limited, Anantara Hotels, Resorts & Spas
Contents Of The Global Five Star Hotel Market
1. Executive Summary
2. Five Star Hotel Market Report Structure
3. Five Star Hotel Market Trends And Strategies
4. Five Star Hotel Market - Macro Economic Scenario
5. Five Star Hotel Market Size And Growth
…..
27. Five Star Hotel Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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