The Global Luxury Hotels Market to 2018 report published by Market Research Store
Deerfield Beach, FL -- (SBWIRE) -- 08/06/2015 -- The global luxury hotels market's performance has recovered from the slowdown recorded at the beginning of the historic period (2009-2013) due to the financial crisis and recession. Overall, growth was recorded in the four markets Americas, Asia-Pacific, Europe, Middle East and Africa across all key performance indicators (KPIs) during the historic period. Growth is expected to continue over the forecast period (2014-2018) supported by the rise in tourism flows and expenditure.
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According to the Travel and Tourism Intelligence Center's (Travel and Tourism IC) analysis based on 40 countries around the world, the US was the leader in the luxury hotel market in terms of both revenue and number of establishments. The US recorded revenue of US$43.9 billion in 2013, which is more than double its closest competitor, China, which recorded US$20.6 billion in revenue in 2013
Growth in the Travel and Tourism sector in Asia-Pacific has proved beneficial for the luxury hotel market. Rising middle class population and economic growth have supported the increase in tourist volume and expenditure, consequently leading to rising demand for accommodation. International hoteliers such as InterContinental Hotels, Starwood, Hilton, Marriott, and Accor cater to the luxury segment in the region. Domestic hotel operators mostly focus on the budget and mid-scale segment
In the Middle East and Africa, a large number of deals were recorded in South Africa and the UAE. Political unrest and violence in countries such as Egypt, Tunisia, and Morocco has kept investors away. A total of 13 luxury hotel deals we completed in the UAE during the period between 2010 and 2014 (September) while five were recorded in South Africa during the same period
A large number of leading global luxury hotel chains is based in the US, such as Starwood Hotels and Resorts, Marriott International, and Wyndham Group. According to TTIC analysis based on 40 countries around the world, the US was the leader in terms of number of luxury establishments with a total of 1,017 luxury hotels in 2013. Cities in the US are among the leading and fastest-growing tourism destinations, which fuels the demand for luxury accommodation. For example, according the MasterCard Global Destination Cities Index 2014, New York was the sixth most visited city in the world with an estimated 11.8 million visitors in 2014
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The luxury hotel market in Asia-Pacific recorded growth during the historic period. China was the largest market in terms of total revenue in 2013, followed by Japan, which was the leader in terms of number of guests at luxury establishments. Hong Kong recorded the highest revenue per available luxury room and was also the leader in terms of occupancy rate in 2013
Russia and Turkey were the two largest luxury hotel markets in Europe in terms of total revenue in 2013. The UK, Italy, and France are also among the leading destinations. During the historic period, the French luxury hotel market was the fastest-growing in terms of revenue while Turkey recorded the fastest growth in terms of number of guests. France also recorded the highest growth in number of luxury hotels during the historic period. The UK led in terms of occupancy rate
Variations in performance were recorded in the luxury hotel market in countries in the Middle East and Africa. The Arab Spring revolution led to political instability, unrest, and violence in many countries, particularly Egypt. The Travel and Tourism sector in these countries suffered with significant decline recorded in international arrivals, consequently having a negative impact on demand for accommodation. On the other hand, the popularity of countries such as the UAE as leading tourist destinations in the Middle East increased.
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