New York, NY, Feb. 07, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Luxury Hotel market By Type (Business Hotels, Suite Hotels, Airport Hotels, Resorts And Other): Global Industry Perspective, Comprehensive Analysis And Forecast, 2015 - 2021”. According to the report, the global luxury hotels market was valued at approximately USD 153.82 billion in 2015 and is expected to reach approximately USD 194.63 billion by 2021, growing at a CAGR of around 3.5% between 2016 and 2021.
Tourism is travel for pleasure, enjoyment, fun relaxation etc. Demands of hotels continuously increase with increase in number of tourism. Growing travel and tourism industry is one of the key factors which directly responsible for the growth of luxury hotels industry market. In order to meet the increasing customer satisfaction, luxury hotels are constantly striving to improve their services by focusing on changing consumer preferences. Now a day, luxury hotels come under more innovative ideas and luxury facilities to satisfy the needs of customers.
Browse through 16 Tables & 27 Figures spread over 110 Pages and in-depth TOC on “Global Luxury Hotels Market Size, Trends, Growth, Segments & Forecast 2015-2021”.
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Globally, demand for luxury hotels market has been accelerated by increasing numbers of business meetings and tourism. Furthermore, rise in travel and tourism industry is one of the leading factors for the growth of luxury hotel market. Moreover, market globalization, industrialization and urbanizations are directly responsible for fueling the growth of luxury hotel market. However, luxury hotels market suffered as a result of a strong economic slowdown of the late-2000s recession, between the second half of 2008 and the end of 2009. In addition, the outbreak of the H1N1 influenza virus in various countries is expected to slow down the growth of luxury hotels market. Furthermore, from past few years, many foreign tourists opt for medical treatment in medical emergencies like kidney transplant, liver transplant expected to create huge opportunities in luxury hotel market during forecasting periods.
“Rising trends of western lifestyles in worldwide scenario paced the requirement for luxury hotels market during business meetings and holidays,” claim analysts at Zion Market Research. As more and more users are keen in materializing their dreams of luxury living, they are investing bountifully on the same, which boosts the development of luxury hotels market. With a broad series of expectations from the realm of luxury services, users are choosing for luxury hotels and resorts over regular breakfast and bed accommodations, thereby towering the luxury hotels market. The global luxury hotels market is also being boosted by strong advertising & branding strategies implemented by hotel companies and the increasing number of global events all over the world. For example, in June 2018, Marriott International declared its transformation vision for Sheraton Hotels and Resorts. This was 3rd biggest brand in its collection, and the biggest in terms of room count outside of North America.
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Based on types, the global market for luxury hotels is segmented into five types: - business hotel, suites hotel, airport hotel, resorts and other hotel. In terms of revenue generation, business hotel is the leading segment in luxury hotel market, followed by airport hotel due continuous increasing number of industrialization and urbanization. Meanwhile, the airport hotels segment will rise at a steady CAGR of 3.7% during the forecast period. The global luxury hotels market will receive a huge impetus from ubiquitous promotional activities, strong branding strategies, and increasing investment in online advertising.
Geographically, North America was dominating regional market for aviation analytics in 2015, due to huge investment in infrastructure. In addition, North America holds maximum business centre/headquarters of world premium industries across world. Growing business in Asia Pacific serves as a fastest growing regional market for luxury hotels owing to the huge capital investment in construction of world class infrastructure. Shifting of business hub from west to east especially in China and India is a mean cause for the growth in the Asia Pacific region within the forecast period. Moreover, Latin America and Middle East & Africa is expected to have splendid growth due to growth in tourism sector within the forecasting period.
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" report at https://www.zionmarketresearch.com/report/luxury-hotels-market
The key players operative in the global Luxury hotels market includes 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.
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The global luxury hotels market is segmented as follows:
By Type
- Business Hotels
- Suite Hotels
- Airport Hotels
- Resorts
- Others
By Region
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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