Global Luxury Hotels Market Prospects & Upcoming Trends and Opportunities Analyzed for Coming Years

Posted on 2018-04-03 by Mark Hub in Industrial, Retail // 0 Comments

Albany, USA, 2018-Apr-03 — /EPR Network/ —Market Research Reports Search Engine (MRRSE) has been acting as an impressive data source when it comes to evaluating various industrial verticals. The research report titled “Luxury Hotels Market” offers a clear insight about the Luxury Hotels assessed over the global platform. This analysis proves beneficial for readers & new investors who are aiming to enter the market for Luxury Hotels in the near future.

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The luxury hotels industry is one of the leading customer service industries globally. To meet the growing needs of travelers, hotels are constantly taking efforts to offer services that match changing customer preferences. The global luxury hotels market is segmented on the basis of type and geography. Based on geography, the global luxury hotels market is divided into North America, Asia Pacific, Europe, and Rest of the World. In 2014, in terms of revenue, the global luxury hotels market was dominated by North America. The North America luxury hotels market is predicted to expand at a 5.40% CAGR during the period between 2015 and 2021. Changing lifestyles, increasing disposable income, and growing interest in luxurious resorts are some of the factors responsible for the growth of the global luxury hotels market during the forecast period.

Starwood Hotels & Resorts, InterContinental Hotels Group PLC, The Indian Hotels Company Limited, Jumeirah International LLC, Kerzner International Resorts, Inc., Marriott International, Inc., Four Seasons Holdings Inc., ITC Hotels Limited, Mandarin Oriental International Limited, and Shangri-La International Hotel Management Ltd. are some of the leading companies operating in the global luxury hotels market. The growing number of emerging luxury hotels across all regions is expected to increase the level of competition for the leading players in the global luxury hotels market in the years to come.

The flourishing travel and tourism industry has been the major driving factor for the global luxury hotels market in the recent past. Furthermore, the global luxury hotels market is expected to be driven by factors such as the emergence of online booking, easy check-in and check-out processes, and advanced hotel booking services.

By type, the global luxury hotels market is classified into business hotels, resorts, airport hotels, suite hotels, and others. In 2014, in terms of revenue, the global luxury hotels market was dominated by the business hotels segment. The business hotels segment is predicted to expand at a CAGR of 3.80% during the period from 2015 to 2021. The increasing number of business visits has resulted in development of business hotels, thus propelling the business hotels segment across all regions. Business hotels fulfill the needs of business travelers and are located in business districts. Small conference groups are the target customers for business hotels. The airport hotels segment is predicted to rise at a 3.70% CAGR during the period from 2015 to 2021. Promotional activities and aggressive branding will generate more demand for the global luxury hotels market in the years to come.

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The business hotels segment accounts for the largest share in the luxury hotels market. Business travelers, tour groups, small conference groups, and individual tourists are the target customers of business hotels. Moreover, suite hotels are one of the major segments in the luxury hotels market. These hotel rooms have bedrooms and a separate living room area. Professionals such as lawyers, businessmen and accountants usually tend to prefer such hotels. In addition, currently, the airport hotels segment is showcasing a promising growth in the luxury hotels market globally. The target customers of airport hotels include airline passengers, especially those whose flight is cancelled or overnight layovers, business clientele and airline crew and staff, among others.

The global luxury hotels market report provides an insight into the regional as well as country-wise preferences of luxury hotels. North America dominated the global luxury hotels market in 2014, followed by Europe and Asia Pacific. Increasing standard of living coupled with the booming travel and tourism industry are having a positive impact on the growing market for luxury hotels globally. The shift in consumer preferences toward living a luxurious lifestyle, along with the rise in the number of international events, is propelling the demand for luxury hotels in the Rest of the World (RoW).

Some of the major luxury hotels in North America, Europe, Asia Pacific, and RoW include Starwood Hotels & Resorts, Four Seasons Holdings Inc., InterContinental Hotels Group PLC, ITC Hotels Limited, The Indian Hotels Company Limited, Mandarin Oriental International Limited, Jumeirah International LLC, Shangri-La International Hotel Management Ltd., Kerzner International Resorts, Inc., and Marriott International, Inc.

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