Luxury Hotel Market by Type, Operation - Global Forecast 2024-2030

List of Tables

[192 Pages Report] The Luxury Hotel Market size was estimated at USD 100.18 billion in 2023 and expected to reach USD 105.39 billion in 2024, at a CAGR 5.35% to reach USD 144.36 billion by 2030.

The luxury hotel market is an upscale segment targeting patrons who seek exceptional service and are willing to pay for exclusivity and comfort. Luxury hotels are primarily engaged in providing sophisticated lodging options, event spaces, and refined dining services to individual travelers, businesses, and the event industry. The luxury hotel market is heavily driven by the increasing disposable income among the middle and upper-class populations. Additionally, the growing preference for leisure travel and the desire for unique and personalized experiences are significant drivers. The rise of international tourism and the expansion of the business travel sector also contribute to the upward trajectory of this market. Despite the strong growth prospects, the market faces challenges owing to high operational costs associated with maintaining the expected standard of luxury and service. The luxury hotel sector also faces stiff competition from alternative accommodations, such as luxury rentals and boutique hotels. Additionally, economic downturns and geopolitical issues can greatly affect international travel and, consequently, the demand for luxury accommodations. However, opportunities for growth in the luxury hotel market include tapping into emerging markets where luxury travel is becoming more accessible. Innovation in service and the integration of advanced technologies for improved customer experience are also key opportunities. Furthermore, sustainable and eco-friendly practices can attract a segment of travelers concerned with environmental impact, thus opening new avenues for market expansion.

KEY MARKET STATISTICS
Base Year [2023]	USD 100.18 billion
Estimated Year [2024]	USD 105.39 billion
Forecast Year [2030]	USD 144.36 billion
CAGR (%)	5.35%

Type: Growing preference for holiday hotel driven by the tourism across the globe

Airport hotels are targeted towards travelers in transit and with early morning and late evening flights. These hotels prioritize convenience and efficiency, often providing amenities, including shuttle services, soundproofed rooms, and flexible check-in/check-out policies. They cater to both business and leisure travelers who require proximity to the airport. Business hotels are designed to support individuals traveling for work purposes. These accommodations provide facilities such as meeting rooms, business centers, high-speed internet, and dining options that cater to the fast-paced nature of business travel. Holiday hotels focus on leisure travel and are often located in destination cities and popular tourist locations. These hotels offer a relaxing environment and recreational amenities such as local tours, swimming pools, and family-friendly activities. Leisure travelers prioritize holiday hotels for their comfort, local culture immersion, and recreational facilities. Resorts and spa hotels provide a sanctuary for physical and mental relaxation. Resorts and spa hotels are typically found in exotic and secluded locations and combine luxurious accommodations with health-focused amenities such as spas, fitness centers, and specialized dining menus. Resorts & Spa hotels are ideal for health-conscious travelers, those seeking a retreat from daily life, and couples looking for a romantic getaway.

Operation: Rising significance of chain luxury hotels leveraging their expansive networks to offer uniformity and reliability

Chain luxury hotels are characterized by establishments that are part of a larger conglomerate and network, sharing a collective brand identity, operational standards, marketing strategies, and guest loyalty programs. They typically rely on economies of scale to reduce costs and maintain consistent service quality across locations. Chain luxury hotels offer a wide range of amenities and services that meet the high expectations of luxury travelers. Independent luxury hotels are stand-alone properties not affiliated with a larger chain and brand. These hotels pride themselves on their unique character, bespoke services, and the ability to provide a localized and often more personalized experience for their guests.

Regional Insights

The luxury hotel market in the Americas has shown robust growth, with the hospitality industry recovering from the COVID-19 pandemic. Demand for luxury accommodations has been driven by domestic tourism and a gradual return of international travelers in the region. In Europe, the luxury hotel sector is experiencing a return to pre-pandemic occupancy levels aided by a strong rebound in leisure travel. The Middle East continues to flourish as a luxury destination owing to its ambitious tourism developments and mega-events. In contrast, Africa's luxury hotel market remains diverse, with North Africa showing growth while Sub-Saharan Africa is hindered by less-established tourism infrastructure and geopolitical issues. The Asia-Pacific luxury hotel market is witnessing a varied pace of recovery. China, being one of the key markets, is still contending with travel restrictions that impact the sector, while countries, including Australia and Japan, are gradually reopening and seeing an uptick in the demand for luxury travel. Southeast Asian countries, known for their tourism appeal, are strategically investing in luxury accommodations to attract affluent travelers as the region prepares for complete recuperation.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Luxury Hotel Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Luxury Hotel Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Luxury Hotel Market, highlighting leading vendors and their innovative profiles. These include Accor SA, Belmond Management Limited, CABO DE HORNOS S.A., Emirates Palace, Four Seasons Holdings Inc., GXS Empreendimentos Turisticos Ltda., Hilton Hotels & Resorts, Hyatt Hotels Corporation, InterContinental Hotels Group, ITC Limited, Jardine Matheson Group, Jumeirah International LLC, Kempinski Hotels S.A., Kerzner International Limited, Mahindra Holidays and Resorts India Ltd., Mandala Hotel GmbH, Mandarin Oriental Hotel Group, Marriott International, Inc., Oberoi Group, Radisson Hotel Group, Rosewood Hotel Group, Sage Hospitality Group, Shangri-La Asia Limited, The Indian Hotels Company Limited, and Wyndham Destinations Inc..

Market Segmentation & Coverage

This research report categorizes the Luxury Hotel Market to forecast the revenues and analyze trends in each of the following sub-markets:

Type
- Airport Hotel
- Business Hotel
- Holiday Hotel
- Resorts & Spa

Operation
- Chain
- Independent

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Luxury Hotel Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Luxury Hotel Market?

3. What are the technology trends and regulatory frameworks in the Luxury Hotel Market?

4. What is the market share of the leading vendors in the Luxury Hotel Market?

5. Which modes and strategic moves are suitable for entering the Luxury Hotel Market?

Product Code: MRR-437896AA3B76

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Rising disposable income and inclinations towards leisure travel
  - 5.1.1.2. Growth in number of tourists in several economies and advent of online hotel booking services
- 5.1.2. Restraints
  - 5.1.2.1. High expenditure associated with maintaining luxury hotels
- 5.1.3. Opportunities
  - 5.1.3.1. Government initiatives to support the travel and hospitality sector
  - 5.1.3.2. Introduction of advanced technologies in resorts and spas
- 5.1.4. Challenges
  - 5.1.4.1. Vulnerability to the impact of economic instability and preference for alternatives
5.2. Market Segmentation Analysis
- 5.2.1. Type: Growing preference for holiday hotel driven by the tourism across the globe
- 5.2.2. Operation: Rising significance of chain luxury hotels leveraging their expansive networks to offer uniformity and reliability
5.3. Market Disruption Analysis
5.4. Porter's Five Forces Analysis
- 5.4.1. Threat of New Entrants
- 5.4.2. Threat of Substitutes
- 5.4.3. Bargaining Power of Customers
- 5.4.4. Bargaining Power of Suppliers
- 5.4.5. Industry Rivalry
5.5. Value Chain & Critical Path Analysis
5.6. Pricing Analysis
5.7. Technology Analysis
5.8. Patent Analysis
5.9. Trade Analysis
5.10. Regulatory Framework Analysis

6. Luxury Hotel Market, by Type

6.1. Introduction
6.2. Airport Hotel
6.3. Business Hotel
6.4. Holiday Hotel
6.5. Resorts & Spa

7. Luxury Hotel Market, by Operation

7.1. Introduction
7.2. Chain
7.3. Independent

8. Americas Luxury Hotel Market

8.1. Introduction
8.2. Argentina
8.3. Brazil
8.4. Canada
8.5. Mexico
8.6. United States

9. Asia-Pacific Luxury Hotel Market

9.1. Introduction
9.2. Australia
9.3. China
9.4. India
9.5. Indonesia
9.6. Japan
9.7. Malaysia
9.8. Philippines
9.9. Singapore
9.10. South Korea
9.11. Taiwan
9.12. Thailand
9.13. Vietnam

10. Europe, Middle East & Africa Luxury Hotel Market

10.1. Introduction
10.2. Denmark
10.3. Egypt
10.4. Finland
10.5. France
10.6. Germany
10.7. Israel
10.8. Italy
10.9. Netherlands
10.10. Nigeria
10.11. Norway
10.12. Poland
10.13. Qatar
10.14. Russia
10.15. Saudi Arabia
10.16. South Africa
10.17. Spain
10.18. Sweden
10.19. Switzerland
10.20. Turkey
10.21. United Arab Emirates
10.22. United Kingdom

11. Competitive Landscape

11.1. Market Share Analysis, 2023
11.2. FPNV Positioning Matrix, 2023
11.3. Competitive Scenario Analysis
- 11.3.1. Marriott International Redefines The Luxury Hospitality Landscape With A Strong Pipeline Of One-Of-A-Kind Hotels & Resorts Set To Debut
- 11.3.2. Saudi Arabia's PIF Buys 49% of Rocco Forte's Luxury Hotel Chain
- 11.3.3. OYO parent Oravel joins Japan's SoftBank to launch luxury hotel chain 'Sunday' in India
11.4. Strategy Analysis & Recommendation

12. Competitive Portfolio

12.1. Key Company Profiles
12.2. Key Product Portfolio