Zion Market Research, the market research group announced the analysis report titled ‘Luxury Hotel Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2016–2024’
The study concludes that the global Luxury Hotel Market is expected to grow at a CAGR of 3.5% between 2016 and 2021. The market revenue of $153.82 billion in 2015, is expected to reach $194.63 billion by 2021. The main drivers for the growth of the market increase in numbers of women working outside the home.
Luxury travels have given birth too many luxurious hotels that are characterized by a high-end experience at a premium price. The hotel industry is one of the major sectors in term hospitality. Luxurious hotels varied in facilities function, size, and cost. The facilities provided by these hotels include swimming pool, childcare, conference facilities, business centers, and social function. Booming travel and tourism industry is one of the major factors which boost the growth of the hotel industries across the world. Globally, the highest number of professionals and personalized service, luxury hotels has become the epicenter of revenues earned by the overall hospitality in a market.
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In terms of regions, North America holds the 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 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.
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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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