What is the present valuation and projected CAGR of the luxury hotel market?
The luxury hotel market size has grown strongly in recent years. It will grow from $106.78 billion in 2024 to $113.54 billion in 2025 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to economic growth and rising disposable income, increasing global tourism, cultural shift towards experiential travel, rise in business travel, brand differentiation and innovation, strategic location and destination appeal, cultural and heritage tourism trends.
The luxury hotel market size is expected to see steady growth in the next few years. It will grow to $137.89 billion in 2029 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to continued economic prosperity, rising middle-class aspirations, sustainable and eco-friendly practices, health and wellness tourism, unique and authentic experiences, strategic partnerships and collaborations. Major trends in the forecast period include emphasis on sustainable and eco-friendly practices, integration of smart hotel technologies, rise in wellness and health-centric offerings, customized experiences and personalization, culinary innovation and michelin-starred restaurants
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What are the top drivers to the rising demand in the luxury hotel market?
The increase in travel and tourism is expected to propel the growth of the luxury hotel market going forward. Travel and tourism refer to the activities of individuals or groups traveling to and staying in places outside their usual environment for leisure, business, or other purposes. Luxury hotels are integral to the travel and tourism industry, offering personalized services, exquisite accommodations, and unique experiences that cater to the discerning traveller’s desire for comfort and exclusivity. For instance, in January 2023, according to the United Nations World Tourism Organization (UNWTO), a Spain-based intergovernmental organization, more than 900 million tourists travelled abroad in 2022, approximately double the amount recorded in 2021. Therefore, the increase in travel and tourism is driving the growth of the luxury hotel market.
How is the luxury hotel market segmented?
The luxury hotel market covered in this report is segmented –
1) By Type: Business Hotels, Airport Hotels, Suite Hotels, Resorts, Other Types
2) By Room Type: Luxury, Upper-Upscale, Upscale
3) By Category: Chain, Independent
Subsegments:
1) By Business Hotels: Corporate Hotels, Conference And Convention Hotels, Executive Hotels
2) By Airport Hotels: Transit Hotels, Airport Lounge Hotels, Hotels With Direct Airport Access
3) By Suite Hotels: All-Suite Hotels, Luxury Extended Stay Hotels, Penthouse Suites
4) By Resorts: Beach Resorts, Mountain Resorts, Wellness And Spa Resorts
5) By Other Types: Boutique Luxury Hotels, Heritage And Historical Luxury Hotels, Luxury Villas And Private Estates
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Who are the top competitors in the luxury hotel market?
Major companies operating in the luxury hotel market report are Jardine Matheson Holdings Ltd., Marriott International, Inc., Hilton Hotels & Resorts, Hyatt Hotels Corporation, W Hotels, Kempinski Hotels S.A., Host Hotels & Resorts, Inc., Accor SA, Four Seasons Hotel Limited, Ritz-Carlton Hotel Company LLC, Park Hotels & Resorts, Rosewood Hotel Group, InterContinental Hotel Group, Jumeirah International LLC, Radisson Hotels International Inc., Shangri-La International Hotel Management Ltd., Belmond Management Limited, The Peninsula Hotels, Aman Resorts, Mandarin Oriental Hotel Group Limited, Soneva, Banyan Tree Holdings, Six Senses, Oetker Collection, Aloft Hotels, Auberge Resorts, The Luxe Life Hotel, Fairmont Hotels & Resorts, Waldorf Astoria, The Oberoi Group
What significant trends should we anticipate in the luxury hotel market over the forecast period?
Major companies operating in the luxury hotel market are focusing on developing advanced solutions, such as artificial intelligence (AI)-powered hospitality management solutions, to enhance guest experiences, optimize operations, and increase profitability. AI-powered hospitality management solutions are advanced systems designed to optimize hotel operations and enhance guest experiences. For instance, in February 2024, Hyper Nimbus, a US-based technology company, launched fully integrated AI-driven solution tailored for hospitality management, aimed at streamlining hotel operations by utilizing various proprietary AI models. The platform unifies fragmented hospitality systems into a single AI-driven solution, offering four key capabilities: predictive pricing for dynamic occupancy and rate optimization, sales and revenue management to recommend growth strategies, real-time guest intelligence analysis to enhance guest experience, and a smart concierge service for 24/7 guest support.
Red Sea Global And Equinox Join Forces To Create A Luxury Wellness Resort In Amaala
Major companies operating in the luxury hotel market are adopting a strategic partnership approach to expand market reach. A strategic partnership typically refers to a collaborative relationship between two or more organizations where they combine their resources, expertise, and efforts to achieve common goals or objectives. For instance, in July 2023, Red Sea Global (RSG), a Saudi Arabia-based luxury hospitality company, partnered with Equinox, a US-based luxury hospitality company. The partnership aims to develop Equinox Resort Amaala, a luxury hotel focused on sports, fitness, and lifestyle in Saudi Arabia’s Red Sea region. This collaboration aligns with RSG’s vision of creating exceptional wellness experiences in a naturally pristine environment, while enhancing the overall luxury and recreational offerings at Amaala Marina Village.
Which regional trends are influencing the luxury hotel market, and which area dominates the industry?
North America was the largest region in the luxury hotel market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the luxury hotel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Luxury Hotel Market Report 2025 Offer?
The luxury hotel market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
A luxury hotel is a venue that offers a deluxe lodging experience to its guests, typically marked by upscale furnishings, extravagant touches, meticulous attention to aesthetic details, and outstanding service. These high-end establishments prioritize delivering an unforgettable experience for their guests, attending to their every need, and delighting them throughout their stay.
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