The five star hotel global market report 2024from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Five Star Hotel Market, 2024The five star hotel global market report 2024
Market Size –
The five star hotel market size has grown rapidly in recent years. It will grow from $120.43 billion in 2023 to $134.37 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The growth in the historic period can be attributed to growth of international travel and tourism, growth of global middle class, rise in consumer expectations for luxury amenities, growth of online booking platforms, and increase in investment in tourism infrastructure.
The five star hotel market size is expected to see rapid growth in the next few years. It will grow to $209.42 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%. The growth in the forecast period can be attributed to increasing preference for premium hospitality services, growing business travel and corporate bookings, rising demand for sustainable and eco friendly hotel practices, rising demand for wellness and health focused amenities, and increasing adoption of digital booking platforms and mobile services. Major trends in the forecast period include integration of advanced digital technologies, implementation of personalized guest experiences, development of eco friendly infrastructure, implementation of smart room technologies, and integration of block chain for secure transactions.
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Scope Of Five Star Hotel MarketThe Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Five Star Hotel Market Overview
Market Drivers –
Development in the tourism sector is expected to stimulate the growth of the five-star hotel market in the coming years. The tourism sector’s growth is fueled by rising disposable incomes, improved transportation, and enhanced infrastructure, making destinations more accessible. Additionally, technological advancements streamline the booking and travel experience. Five-star hotels, often located in prime tourist destinations, cater to both leisure and business travelers seeking high-quality services. According to the Croatian Bureau of Statistics, commercial accommodation establishments in Croatia recorded 17.8 million tourist arrivals and 90 million tourist nights in 2022, a significant increase of 39.1% in arrivals and 28.3% in nights compared to 2021. This development in tourism will continue to drive the five-star hotel market throughout 2023, into 2024, with expectations of further growth by 2028.
Market Trends –
Major companies operating in the five-star hotel market are making non-gaming hotels operational with premium facilities to diversify their offerings. Non-gaming hotels refer to luxury accommodations that do not offer casino or gambling facilities, focusing instead on providing high-end amenities such as fine dining, spas, conference centers, and recreational activities to attract a diverse range of guests. For instance, in March 2024, HCW Development LLC, a US-based real estate development and property management company, launched Caesars Republic Scottsdale in Scottsdale, Arizona. Caesars Republic Scottsdale is the first non-gaming hotel under the Caesars brand in the United States, marking a significant expansion into the luxury lifestyle hotel segment. The hotel is a modern 11-story glass structure featuring rich textures, strong architectural elements, and a chic interior design combining soft curves and bold accents.
The five star hotel market covered in this report is segmented –
1) By Type: Business Hotel, Suite Hotel, Airport Hotel, Resorts Hotel
2) By Category: Chain, Individual
3) By Application: Room, Food And Beverage, Spa, Other Applications
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Regional Insights –
North America was the largest region in the five star hotel market in 2023. The regions covered in the five star hotel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies in the market are Marriott International Inc, Radisson Hotel Group, Kohler Co., Rosewood Hotels & Resorts LLC, Hilton Worldwide Holdings Inc., ITC Limited, Hyatt Hotels Corporation, Four Seasons Hotels Limited, Accor S.A., InterContinental Hotels Group PLC, Kerzner International Holdings Limited, Kempinski Hotels S.A., The Trump Organization, Jumeirah International LLC, Shangri-La International Hotel Management Ltd, Belmond Management Limited, The Peninsula Hotels, Mandarin Oriental Hotel Group International Limited, Soneva, Banyan Tree Hotels & Resorts, Capella Hotel Group, Leela Palaces and Resorts Limited, The Oberoi Group, The Indian Hotels Company Limited, Anantara Hotels, Resorts & Spas
Table of Contents
1. Executive Summary
2. Five Star Hotel Market Characteristics
3. Five Star Hotel Market Trends And Strategies
4. Five Star Hotel Market – Macro Economic Scenario
5. Global Five Star Hotel Market Size and Growth
…
32. Global Five Star Hotel Market Competitive Benchmarking
33. Global Five Star Hotel Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Five Star Hotel Market
35. Five Star Hotel Market Future Outlook and Potential Analysis
36. Appendix
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