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Luxury Hotel Market on Track for Strong Growth, Estimated to Grow at 4.9% CAGR Through 2029
Luxury Hotel Market
What Is the Expected CAGR for the Luxury Hotel Market Through 2025?
The grandeur hotel industry has seen tremendous growth in past years. The sector is projected to expand from $106.78 billion in 2024 to a hefty $112.9 billion in 2025, indicating a compound annual growth rate (CAGR) of 5.7%. Several factors have contributed to this historic growth, including economic escalation, higher disposable income, an increase in worldwide tourism, a cultural transition towards immersive travel, a surge in corporate travel, innovation and brand uniqueness, strategic place allure, as well as heritage and cultural tourism trends.
What's the Projected Size of the Global Luxury Hotel Market by 2029?
The size of the luxury hotel market is anticipated to consistently expand in the coming few years, reaching "$136.73 billion with a compound annual growth rate (CAGR) of 4.9% by 2029. Several contributory factors to the projected growth during the forecast period include sustained economic flourish, increasing ambitions of the middle class, commitment towards sustainable and eco-friendly operations, growth of health and wellness tourism, provision of unique and authentic experiences, as well as strategic alliances and collaborations. Future trends in this period are expected to consist of a focus on sustainable and environmentally conscious practices, incorporation of advanced hotel technologies, a proliferation in health and wellness focused amenities, bespoke experiences and personalization, and innovations in the culinary field including michelin-starred dining options.
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Top Growth Drivers in the Luxury Hotel Industry: What's Accelerating the Market?
The upward trend in travel and tourism is anticipated to boost the development of the luxury hotel market. This refers to the endeavors of people or groups journeying to locations outside their normal surroundings for pleasure, business, or other reasons. Luxury hotels, offering bespoke services, exceptional lodging, and unparalleled experiences to meet the discerning needs of travelers seeking comfort and exclusivity, play a crucial role in the travel and tourism industry. For example, the Spain-based intergovernmental organization, United Nations World Tourism Organisation (UNWTO), reported in January 2023 that international tourist numbers more than doubled in 2022 compared to 2021, exceeding 900 million. As a result, this surge in travel and tourism is fueling the expansion of the luxury hotel market.
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Which Emerging Trends Are Transforming the Luxury Hotel Market in 2025?
Key players in the luxury hotel sector are turning their focus towards creating innovative solutions such as AI-enabled hospitality management software, to boost guest experiences, streamline operations, and raise profitability. These AI-enabled solutions for hospitality management are advanced platforms meant to enhance hotel operations and improve the experience of the guest. For example, Hyper Nimbus, a technology firm based in the US, launched a fully integrated AI-driven solution aimed specifically at hospitality management in February 2024. This platform uses various unique AI models to enhance the coordination of different systems used in the hospitality business into one AI-driven solution. It offers four primary capabilities: determining pricing based on predictions for optimizing occupancy and rates, recommending strategies for revenue and sales growth, analyzing guest interaction data in real time to improve the user experience, and providing an intelligent concierge service that is available for support at any time of the day.
What Are the Main Segments in the Luxury Hotel Market?
The luxury hotel market covered in this report is segmented -
1) By Type: Business Hotels Airport Hotels Suite Hotels Resorts Other Types
2) By Room Type: Luxury Upper-Upscale Upscale
3) By Category: Chain Independent
Subsegments:
1) By Business Hotels: Corporate Hotels Conference And Convention Hotels Executive Hotels
2) By Airport Hotels: Transit Hotels Airport Lounge Hotels Hotels With Direct Airport Access
3) By Suite Hotels: All-Suite Hotels Luxury Extended Stay Hotels Penthouse Suites
4) By Resorts: Beach Resorts Mountain Resorts Wellness And Spa Resorts
5) By Other Types: Boutique Luxury Hotels Heritage And Historical Luxury Hotels Luxury Villas And Private Estates
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Which Top Companies are Driving Growth in the Luxury Hotel Market?
Major companies operating in the luxury hotel market report are Jardine Matheson Holdings Ltd., Marriott International, Inc., Hilton Hotels & Resorts, Hyatt Hotels Corporation, W Hotels, Kempinski Hotels S.A., Host Hotels & Resorts, Inc., Accor SA, Four Seasons Hotel Limited, Ritz-Carlton Hotel Company LLC, Park Hotels & Resorts, Rosewood Hotel Group, InterContinental Hotel Group, Jumeirah International LLC, Radisson Hotels International Inc., Shangri-La International Hotel Management Ltd., Belmond Management Limited, The Peninsula Hotels, Aman Resorts, Mandarin Oriental Hotel Group Limited, Soneva, Banyan Tree Holdings, Six Senses, Oetker Collection, Aloft Hotels, Auberge Resorts, The Luxe Life Hotel, Fairmont Hotels & Resorts, Waldorf Astoria, The Oberoi Group
Which Regions Will Dominate the Luxury Hotel Market Through 2029?
North America was the largest region in the luxury hotel market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the luxury hotel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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