by The global Luxury Hotel Market is estimated to be valued at US$ 128.54 Bn or Mn in 2023 and is expected to exhibit a CAGR of 11.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Luxury Hotel provide premium accommodation services with high-end amenities and luxurious room facilities. They offer services such as fine dining, spa, pool, fitness center, and business facilities to cater to the needs of business travelers and leisure guests looking for an enriched stay experience.
Market key trends:
One of the key trends witnessed in the luxury Hotel market is the concept of boutique Hotel. Boutique Hotel refer to small, independently-owned Hotel that offer customized stays to guests in a unique design. They feature distinctive architectural designs and local cultural experiences. Many luxury hotel chains are opening boutique Hotel in popular tourist destinations to attract young, affluent travelers seeking experiences beyond comfortable accommodation. This segment is growing rapidly as travelers look for exclusive, individualized stays with vibrant interiors and local cultural connections. Short-haul and experience-driven travel has increased the popularity of boutique Hotel among luxury travelers.
Segment Analysis
The Global Luxury Hotel Market is segmented by type into business Hotel, airport Hotel, suite Hotel, resorts, and others. The resorts segment dominated the market in 2023 and is expected to continue its dominance over the forecast period. Resorts offer visitors luxurious accommodation along with high-end amenities and services like spas, golf courses, adventure activities etc. which attracts wealthy customers worldwide.
Key Takeaways
The global luxury Hotel market is expected to witness high growth, exhibiting a CAGR of 11.1% over the forecast period, due to increasing leisure travel and rising disposable income. The market size for luxury Hotel was valued at US$ 128.54 billion in 2023.
Regional analysis
Europe dominates the luxury Hotel market, accounting for around 35% share in 2023. Countries like Italy, France and United Kingdom have a strong presence of international luxury hotel brands. Asia Pacific is expected to grow at the fastest pace during the forecast period, due to rising wealth in India and China.
Key players
Key players operating in the luxury Hotel market are The Indian Hotel Company Limited, InterContinental Hotel Group plc, Rosewood Hotel & Resorts, Oberoi Hotel & Resorts, Naman Retreat, Jumeirah International LLC, Shangri-La International Hotel Management Ltd., Hyatt Hotel Corporation, Accor S.A, Hilton Hotel & Resorts, and Marriott International, Inc. Some of these players are focusing on expansion strategies to strengthen their presence across major markets.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
