Sarasota, FL, Dec. 07, 2016 (GLOBE NEWSWIRE) -- Zion 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.
Luxury travel has given birth to luxury hotels that are characterized by a high-end experience at a premium price. Luxury hotels defined by luxury features such as for furnish bathrooms and swimming pools. Moreover, highest of professional and personalized service, luxury hotels have become the epicenter of revenues earned by the overall hospitality industry. Luxury hotels are usually classified on the basis of Four Diamond or Five Diamond depending on the facilities provided to customers.
Browse through 16 Market Tables and 27 Figures spread over 110 Pages and in-depth TOC on “Global Luxury Hotels Market: By Type, Size, Trends, Statistics, Analysis, Segmentation and Forecast 2015-2021”.
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Increasing trends of western lifestyles in global scenario accelerated the demand for luxurious hotels market during holidays and business meetings. As more and more consumers are showing a keen interest in materializing their aspirations of luxury living are also increasing and they are spending bountifully on the same. With a wide range of expectations from the world of luxury services, consumers are opting for luxury resorts and hotels over regular bed and breakfast accommodations. The global luxury hotels market is also being propelled by the growing number of international events and strong branding and advertising strategies implemented by hotel firms across the globe.
The global luxury hotels market is segmented on the basis of types and geography. On the basis of type, this market is segmented into five types: business hotel, suite hotel, airport hotel, resorts, and others. Business hotels hold the largest market share in 2015. Between 2015 and 2021, this segment is expected to surge at a CAGR of 3.8%. In the coming years, this segment is expected to cater to the burgeoning class of business travelers and conference groups that are backed by a corporate budget to spend on living in foreign countries. 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 back supports from ubiquitous promotional activities, strong branding strategies, and increasing investment in online advertising.
Browse the full "Luxury Hotels Market By Type (Business Hotels, Suite Hotels, Airport Hotels, Resorts) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2021" report at https://www.zionmarketresearch.com/report/luxury-hotels-market
In terms of regions, North America holds largest share in the global luxury hotels market in 2015. Analysts predict that this influence will continue within the forecast period on the market in North America will surge at a CAGR of 5.6% between 2015 and 2021. This growth attributes booming of travel and tourism industry. In addition, radically changing lifestyles, increasing disposable income, and growing interest in luxurious resorts are some of the key factors which responsible for the growth of the global luxury hotels market. Furthermore, North America holds maximum business headquarters of multinational companies considered as a major responsible factor for the growth of luxury hotel market.
In Europe, UK recorded the fastest growth during the historic period 2015. France was the fastest growing market in terms of rooms available and revenues generation. Belgium was the fastest growing market during the historic period 2015 in Europe due to the hosting of various fun events like Tommaroland.
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Asia Pacific is another leading regional market and is expected to witness significant growth in near future. The growth is attributed mainly due to the increasing globalization and urbanization. Japan topped the list in terms of occupancy rate approximately 90.9% in 2014 while Hong Kong recorded the highest revenue per available room with a value of USD 354 in 2014. Shanghai is a leading MICE destination in China, backed by infrastructure and the presence of historical and cultural attractions. At present, luxury hotels in the city generate 13% of their revenues from MICE events.
In Latin America, the upcoming 2016 Rio de Janeiro Olympics, the Brazil hotel market is expecting a large influx in demand. Last year, Brazil welcomed 5.7 million international tourists, a 4.5 percent increase from 2011, raising total hotel revenue by about 8.8 percent. Of their hotel expansions, Starwood and Wyndham are both planning to focus heavily on Brazil. Additionally, Accor a Europe’s largest hotel operator is planning USD 1.5 billion dollar expansion in Brazil over the next 3 years.
Some of the important players in the global luxury hotels market are Shangri-La International Hotel Management Ltd., Four Seasons Holdings Inc., ITC Hotels Limited, InterContinental Hotels Group PLC, Starwood Hotels & Resorts, Mandarin Oriental International Limited, Jumeirah International LLC, The Indian Hotels Company Limited, Marriott International, Inc. and Kerzner International Resorts, Inc.
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The global luxury hotels market has been segmented as follows:
Luxury Hotels Market: Type Segment Analysis
- Business Hotels
- Suite Hotels
- Airport Hotels
- Resorts
- Others
Luxury Hotels Market: Regional Segment Analysis
- North America
- US
- Europe
- UK
- Germany
- France
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- Middle East And Africa
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