The latest report on “Luxury Hotels Market (Product Type – Business Hotels, Suite Hotels, Airport Hotels, Resorts, and Other Hotels; Application – Room, Food and Beverages, SPA, and Other Applications): Global Industry Analysis, Trends, Size, Share and Forecasts to 2025.” The global luxury hotels market is projected to grow at a CAGR of 4.4% over the forecast period of 2019-2025.
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The leading players in the luxury hotels market are investing in infrastructure and upgrading their services offerings. The manor players are adopting strategies such as mergers and acquisitions to expand their market share and increase profitability. For instance, Marriott International, Inc. acquired Starwood Hotels and Resorts Worldwide, LLC. The acquisition has enabled Marriott to offer leading lifestyle brands and a significant global footprint.
Growing Travel and Tourism Industry Drives the Growth of the Luxury Hotels Market
The growing travel and tourism industry drives the growth of the luxury hotels market. Factors such as globalization, industrialization, and urbanization contribute to the growth of the luxury hotels market. The increasing number of business travelers promotes the growth of the luxury hotels market. Luxury hotels offer different services such as a comfortable stay, SPA, swimming pool, and fitness center. The rising disposable income fuel the growth of luxury hotels market. The changing lifestyle pattern propels the growth of the luxury hotels market.
In addition, hotel owners are using advertising and branding strategies to increase the popularity of the hotel that contributes to the growth of the luxury hotels market. The rising number of global events and parties boosts the growth of the luxury hotels market. On the other side, high costs for the services provided hamper the growth of the luxury hotels market. Moreover, the rising use of technology in luxury hotels is promoting innovation and uniqueness that create novel opportunities for the growth of the luxury hotels market.
North America is Expected to Have a Dominant Share in the Global Luxury Hotels Market
Geographically, the global luxury hotels market is classified into North America, Europe, Asia-Pacific, and the Rest of the World. North America is expected to have a dominant share in the global luxury hotels market. The rising disposable income in the United States contributes to the growth of the North America luxury hotels market. Europe is also anticipated to grow in the luxury hotels market with a healthy CAGR over the forecast period. Asia-Pacific the region is growing in the global luxury hotels market owing to rapid infrastructural development.
The report on global luxury hotels market covers segments such as product type, and application. On the basis of product type, the sub-markets include business hotels, suite hotels, airport hotels, resorts, and other hotels. On the basis of application, the sub-markets include room, food and beverages, SPA, and other applications.
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The report provides profiles of the companies in the market such as Marriott International, Four Seasons Holdings Inc., InterContinental Hotels Group PLC, ITC Hotels, Jumeirah International LLC, The Indian Hotels Company Limited, Mandarin Oriental International Limited, Shangri-La International Hotel Management Ltd., Hilton Hotels & Resorts, Rosewood Hotels & Resorts, and Other companies.
Reasons to Buy this Report:
=> Comprehensive analysis of global as well as regional markets of the luxury hotels.
=> Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2025.
=> Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.