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STUDY: GLOBAL TRENDS in LUXURY HOTELS MARKET IS INCREASING RAPIDLY
Industry: Hotels       

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.

(TRAVPR.COM) NEW YORK - August 30th, 2018 - 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.

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, the 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.

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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 the 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.

Geographically, this market is segmented into North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa. These segments further bifurcated into United States, United Kingdom, Germany, France, China, Japan, India, and Brazil. North America was the leading player for luxury hotels market across the globe. North America is remaining continuous leading market player during the forecast period from 2016 to 2021 due to the huge presence of luxury hotels in the United States.

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.

About Us:
Zion Market Research is an obligated company. We create futuristic, cutting-edge, informative reports ranging from industry reports, company reports to country reports. We provide our clients not only with market statistics unveiled by avowed private publishers and public organizations but also with vogue and newest industry reports along with pre-eminent and niche company profiles. Our database of market research reports comprises a wide variety of reports from cardinal industries. Our database is been updated constantly in order to fulfill our clients with prompt and direct online access to our database. Keeping in mind the client’s needs, we have included expert insights on global industries, products, and market trends in this database. Last but not the least, we make it our duty to ensure the success of clients connected to us—after all—if you do well, a little of the light shines on us.

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Name: Allan Leonetti
Company: Zion Market Research
Phone: 3863103803
Email: 
allan.l@zionmarketresearch.com
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