Jersey City, New Jersey, Sept. 12, 2022 (GLOBE NEWSWIRE) -- Verified Market Research recently published a report, “Luxury Hotel Market” By Type (Business Hotels, Airport Hotels, Suite Hotels, Resorts, and Others), and By Geography. Verified Market Research conducted a high-quality study that revealed the size of global Luxury Hotel Market size was valued at USD 93.37 Billion in 2019 and is projected to reach USD 123.49 Billion by 2027, growing at a CAGR of 4.1% from 2020 to 2027.
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Browse in-depth TOC on “Luxury Hotel Market”
202 - Pages
126 – Tables
37 – Figures
Global Luxury Hotel Market Overview
Arising tourism and corporate industries across several regions, increasing disposable income, the rising standard of living of people, and growth in the inclination for leisure travel are anticipated to drive the market. The inflation in purchasing power and standard of living are some of the fundamental constituents responsible for attracting customers to luxury resorts. Hosting sports events by a city or country has also been a significant factor propelling the demand for luxury accommodations. Sports teams, as well as spectators traveling from different destinations for the tournament, tend to book their stays in luxury hotels, therefore leading to a surge in the number of bookings.
Dominant players in the market are investing profoundly in infrastructure and upgrading their property with the latest accessories to enhance aesthetics and overall comfort offered to customers. There are certain restraints and challenges faced which will hinder the market growth. High costs of innovation and development is one of the anticipated restraining factors for the market.
Key Players
The major players in the market are Four Seasons Holdings Inc., Intercontinental Hotels Group, Marriott International Inc., Hyatt Corporation, ITC Hotels Limited, Shangri-La International Hotel Management Ltd., Jumeirah International LLC, The Indian Hotel Companies Limited.
Verified Market Research has segmented the Global Luxury Hotel Market On the basis of Type, and Geography.
- Luxury Hotel Market, By Type
- Business Hotels
- Airport Hotels
- Suite Hotels
- Resorts and Others
·Luxury Hotel Market, by Geography
-
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
- North America
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