Luxury Hotel Market projected to reach USD 158.63 Billion by 2032 at a CAGR of 5.1% - Luxury hotel market forecast highlights rising demand in Asia-Pacific

According to a new report by Maximize Market Research, the global Luxury Hotel Market was valued at USD 106.55 Billion in 2024 and is projected to reach USD 158.63 Billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 5.1% over the forecast period. The growth is expected to be fueled by rising standard of living, expanding tourism & corporate sectors, and increasing preference for leisure travel globally. Market expected to grow from USD 106.55 Billion in 2024 to USD 158.63 Billion by 2032, driven by increasing disposable incomes, leisure travel, and demand for resorts & spas.

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♦ Key Highlights:

Market Size & CAGR: Valued at USD 106.55 Billion in 2024; expected to grow at a CAGR of 5.1% to reach USD 158.63 Billion by 2032.

Leading Segment: The business hotel type accounted for the largest revenue share (~35%) in 2024. Resorts & spas segment is expected to maintain steady growth (CAGR over 5%) during the forecast period.

Regional Insights: North America dominated the market in 2024 with above 35% revenue share; Asia-Pacific projected to exhibit the fastest growth among regions due to increasing incomes in emerging markets like India, China, Thailand etc.

Key Drivers & Trends: Growing disposable income; increasing tourism & business travel; improved standard of living; demand for leisure and luxury experiences; hosting international sports/events increasing luxury hotel bookings. Restraints include political instability, strict FDI rules, and economic crises in some regions.

Top Companies: Major players listed 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, The Indian Hotel Companies Limited, Mandarin Oriental, The Oberoi, Nobu Ryokan, Taj Holiday Village Resort & Spa among others.

♦ Market Outlook

The Luxury Hotel Market forecast (2025-2032) shows steady upward growth. Business-oriented hotels currently form the largest share (~35%) of revenue, supported by demand for luxury lodging from corporate travellers. Among type-segments, resorts & spas are expected to grow at over 5% CAGR, as travellers increasingly seek leisure, wellness, and relaxation. Trends such as experiential travel, premium amenities, and upscale event hosting are shaping investment in high-end hotel infrastructure.

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♦ Regional Insights

North America leads in 2024, both in revenue share and infrastructure. The United States plays a central role in dominance due its status as a tourism hub and financial center. Meanwhile, Asia-Pacific is expected to record the highest growth rate during 2025-2032, driven by rising disposable incomes, a growing middle and upper-class population, and increasing tourism in countries like India, China, Thailand, and others. Regions such as Europe, Middle East & Africa and South America will also contribute, though growth may be constrained by regulatory, economic or political challenges.

♦ Key Players & Competitive Landscape

The competitive landscape remains led by established chains and luxury hotel operators. Companies such as Four Seasons Holdings Inc., Marriott International Inc., Hyatt Corporation, Intercontinental Hotels Group, ITC Hotels Limited, Shangri-La, and Jumeirah International are major stakeholders. Their strategies include expansion into emerging markets, service differentiation via resorts & spas, event and leisure-based offerings, and focus on high-end experiences.

♦ Quote

"With rising demand for luxury, both for business engagements and high-end leisure travel, the Luxury Hotel Market is uniquely positioned to benefit from global economic recovery and growing consumer purchasing power," said Anita Mehta, Senior Analyst at Maximize Market Research. "Operators that invest in resorts & spas, experiential services, and regional expansion-especially in Asia-Pacific-stand to capture outsized growth."

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