The study concludes that the global luxury hotels market is expected to grow at a CAGR of 3.5% between 2016 and 2021. The market revenue of $153.82 billion in 2015 is expected to grow up to $194.63 billion by 2021.
Sarasota, FL -- (SBWIRE) -- 02/27/2017 -- According to the report, the global luxury hotels market was valued at approximately USD 153.82 billion in 2015 and is expected to reach approximately USD 194.63 billion by 2021, growing at a CAGR of around 3.5% between 2016 and 2021.
Luxury travel has given birth to luxury hotels that are characterized by a high-end experience at a premium price. Luxury hotels defined by luxury features such as for furnish bathrooms and swimming pools. Moreover, highest of professional and personalized service, luxury hotels have become the epicenter of revenues earned by the overall hospitality industry. Luxury hotels are usually classified on the basis of Four Diamond or Five Diamond depending on the facilities provided to customers.
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Increasing trends of western lifestyles in global scenario accelerated the demand for luxurious hotels market during holidays and business meetings. As more and more consumers are showing a keen interest in materializing their aspirations of luxury living are also increasing and they are spending bountifully on the same. With a wide range of expectations from the world of luxury services, consumers are opting for luxury resorts and hotels over the regular bed and breakfast accommodations. The global luxury hotels market is also being propelled by the growing number of international events and strong branding and advertising strategies implemented by hotel firms across the globe.
The global luxury hotels market is segmented on the basis of types and geography. On the basis of type, this market is segmented into five types: business hotel, suite hotel, airport hotel, resorts, and others. Business hotels hold the largest market share in 2015. Between 2015 and 2021, this segment is expected to surge at a CAGR of 3.8%. In the coming years, this segment is expected to cater to the burgeoning class of business travelers and conference groups that are backed by a corporate budget to spend on living in foreign countries. Meanwhile, the airport hotels segment will rise at a steady CAGR of 3.7% during the forecast period. The global luxury hotels market will receive a huge back supports from ubiquitous promotional activities, strong branding strategies, and increasing investment in online advertising.
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Geographically, this market is segmented into North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa. These segments further bifurcated into Unites States, United Kingdom, Germany, France, China, Japan, India, and Brazil. North America was the leading player for luxury hotels market across the globe. North America is remaining continuous leading market player during the forecast period from 2016 to 2021 due to the huge presence of luxury hotels in the United States.
Some of the important players in the global luxury hotels market are Shangri-La International Hotel Management Ltd., Four Seasons Holdings Inc., ITC Hotels Limited, InterContinental Hotels Group PLC, Starwood Hotels & Resorts, Mandarin Oriental International Limited, Jumeirah International LLC, The Indian Hotels Company Limited, Marriott International, Inc. and Kerzner International Resorts, Inc.
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